Harold Tillman has held talks to sell his department store, Allders of Croydon.
Mr Tillman, the chairman of Jaeger and Aquascutum, and of the British Fashion Council, and his chief executive Andrew MacKenzie, held talks with Beales, the regional chain, earlier this year.
The talks have ended, but a sale could still be on the cards for the UK's third largest department store, which is 150 next year. Some sources said that Hilco has shown interest, but this was denied.
Mr MacKenzie said: "Allders is not for sale. We've had approaches, but continue to expand. Next week, we launch an interactive website."