The boss of Debenhams will leave the company following its pre-pack administration, it has been announced.
Retail supremo and former Marks & Spencer boss Lord Stuart Rose has criticised Mike Ashley’s plans for an “oligopoly” of the UK high street after the Sports Direct chief’s latest attempt to seize control of Debenhams.
Clothing brand Quiz has said its concessions will not be affected by the administration of Debenhams, as it reported rapid annual sales growth.
Sports Direct has threatened legal action against the administrators of Debenhams after the department store fell into the hands of lenders.
Debenhams has been placed into administration and the retailer’s lenders have seized control of the company.
Mike Ashley has called the administration of Debenhams a “national scandal” and called for the process to be reversed after the retailer’s lenders seized control.
Sports Direct’s £150 million rescue offer for Debenhams has been rejected, putting the high street retailer on course for a probable administration.
Sports Direct has created a letter for Debenhams shareholders to sign which includes a “demand” that Mike Ashley is made chief executive of the department store group.
Debenhams could go into administration within days as part of a major restructuring plan that will see it fall into the hands of its lenders and wipe out Mike Ashley’s shareholding in the troubled chain.
Facebook is to take over the London offices left empty by Debenhams after the beleaguered retailer said it would cut costs by moving out.
Debenhams has been given the green light to press ahead with a £200 million refinancing, paving the way for the likely wipeout of existing shareholders, including Mike Ashley’s Sports Direct.
Mike Ashley’s Sports Direct is considering tabling an offer for Debenhams which would value it at £61.4 million as the tycoon continues his pursuit of the struggling department store chain.
Struggling retailer Debenhams has said it will give any firm takeover offer from Mike Ashley’s Sports Direct “due consideration” but added it would not solve its mounting funding crisis.
Mike Ashley’s Sports Direct has hit out at Debenhams for rejecting his latest attempt to wrest control of the struggling retailer.
Mike Ashley has ramped up his efforts to gain control of Debenhams as the department store chain puts in motion plans to secure £200 million in new funding.
Mike Ashley has doubled down on his efforts to install himself on the board of Debenhams after a previous attempt was foiled by a technicality.
Beleaguered retailer Debenhams has said it will give “careful consideration” to a £150 million loan proposal from Mike Ashley’s Sports Direct amid an escalating row between the pair.
Mike Ashley’s Sports Direct has escalated a tussle with the directors of Debenhams, raising concerns with the City watchdog over the group’s communications.
Debenhams has confirmed it is in advanced talks to borrow £150 million as part of efforts to stay afloat, just days after Mike Ashley launched an aggressive bid to seize control of the retailer.
Debenhams shares spiked on Friday after Mike Ashley launched an aggressive campaign to seize control of the retailer.