Apr 6, 2019

Debenhams: Mike Ashley says make me boss for £150m

PA Retail tycoon Mike Ashley has offered a £150m cash injection to ailing retailer Debenhams - as long as he can become its chief executive. Last week, the retailer challenged Mr Ashley to table a firm takeover offer or abandon his attempt to take control and provide funding instead. Debenhams has refused to comment on the offer. Days before a lender-imposed deadline is due to expire, Sports Direct has offered to underwrite £150m of new equity funding for the retailer but only if Mr Ashley becomes chief executive and £148m of debt is written off by lenders, who include banks and hedge funds. "Sports Direct's letter to Debenhams states:"Mr Ashley's appointment would immediately relieve any pressure on the company's supply chain and he would be in a position to lead the restructuring of the company's stores and operations. PA. Previous attempts by Sports Direct to install Mr Ashley as Debenhams chief executive have been rejected.

Read the full story

 Related companies

Make a complaint about Debenhams or Sports Direct by viewing their customer service contacts.