Jun 11, 2019
Sports Direct challenges Debenhams’ restructuring
Mike Ashley's Sports Direct and two other creditors have launched a legal challenge to Debenhams' financial restructuring plan, in a rare move that threatens to complicate the department store's recovery. One person who has seen the legal paperwork said Mike Ashley's group had been joined by Combined Property Control, which owns six Debenhams stores. The challenge to Debenhams is the latest twist in a long-running spat between the department store group and Mr Ashley. Mr Ashley, who built Sports Direct from scratch to a leisurewear group with annual sales of more than £3bn, was scathing in his criticism of Debenhams' management and advisers as the company drifted towards administration. Despite his antipathy, Sports Direct also offered to lend Debenhams money; buy its Danish department store operations; and underwrite a massive rights issue.
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