Dec 13, 2018

Mike Ashley: Debenhams snubbed my £40m lifeline

PA Sports Direct's owner Mike Ashley has written a bluntly worded letter to the boss of Debenhams discussing his offer of a £40m investment in the struggling department store chain. Mr Ashley writes he is frustrated Debenhams doesn't want his "Help". Sports Direct already owns 30% of Debenhams, which is closing up to 50 of its stores and seeking new finance following a downturn in its business. The letter suggests Sports Direct would take an additional stake in Debenhams, reported by the Telegraph to be another 10% of the chain. Debenhams issued a statement saying it welcomed Sports Direct's proposal "As a clear demonstration of their willingness to support the company".

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