Apr 9, 2019

Debenhams falls into hands of lenders

PA Control of Debenhams has fallen into the hands of its lenders as part of a pre-pack administration process. Debenhams has 166 stores, which will initially continue to trade, although about 50 branches had already been earmarked for closure in the future. The department store rejected last-ditch rescue offers from Mike Ashley's Sports Direct, which has been locked in an acrimonious battle for control. Debenhams has been struggling for a while and issued three profit warnings in 2018. "Laith Khalaf, senior analyst at Hargreaves Lansdown, said:"As an investment, Debenhams is a tale of woe from start to finish.

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