Apr 9, 2019
Debenhams rejects higher Mike Ashley offer
Debenhams has rejected a new £200m offer from Sports Direct to pump money into the troubled department store. On Monday, Debenhams turned down a similar proposal from Mike Ashley's company to put £150m into the retailer. On Tuesday, Debenhams' board confirmed that its lenders had said the new proposal was not enough to justify an extension to the 8 April deadline for a refinancing proposal. Debenhams could go into administration later on Tuesday. While the shops would continue trading for now, Debenhams has proposed closing around 50 branches from next year and renegotiating rents with landlords to tackle its funding problems.
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