Apr 8, 2019

Debenhams rejects Mike Ashley's last ditch rescue plan

PA Sports Direct says Debenhams has rejected its offer to inject £150m into the troubled department store chain. Retail tycoon Mike Ashley tabled the rescue bid on the condition that the he be made chief executive of Debenhams. The retailer said it was still giving "Active consideration" to a separate offer, first proposed in March, to take over Debenhams by purchasing existing shares. Debenhams has already said it needed to shut 50 stores in the coming years. If Mr Ashley does gain control of Debenhams, he would control yet another High Street name.

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