Debenhams prepares to ask lenders for extra £50m lifeline July 18, 2019 Debenhams is preparing to ask lenders for an additional £50m lifeline as it approaches the critical Christmas trading period. The department store, which was taken over by its lenders after it fell into administration three months ago, could require access to additional borrowing facilities as soon as this autumn, Sky News reported. Read more: Debenhams [...]
Debenhams urges Sports Direct to drop legal action over restructuring plan July 8, 2019 Debenhams has urged Mike Ashley’s Sports Direct to drop its lawsuit over the department store chain’s controversial insolvency plan after a key landlord withdrew its legal action. Sports Direct has filed a complaint against the company voluntary arrangement (CVA), which will allow Debenhams to close some 50 stores in a bid to stay afloat. Read [...]
Sports Direct HQ sold to Malaysian pension fund for £120m May 28, 2019 Mike Ashley’s Sports Direct has confirmed the freehold sale of its headquarters to a Malaysian pension fund. The sportswear retailer, which will continue to occupy the building on a 15-year lease, said this morning that it has sold its logistics centre to Kwasa Logix Sportivo for more than £120m in cash. Read more: Debenhams versus [...]
Sports Direct mulls legal challenge over Debenhams rescue plan May 19, 2019 Mike Ashley’s Sports Direct is looking to launch legal action against Debenhams over a controversial rescue deal secured earlier this month. The sportswear group is set to challenge two company voluntary arrangements (CVA) that could lead to the closure of 50 the chain’s 166 stores, with rent cuts expected on dozens more. Read more: Local [...]
Sir Philip Green loses his billionaire status May 12, 2019 Sir Philip Green has lost his billionaire status, rounding off a torrid 12 months for the scandal-hit fashion mogul. For the first time since 2002, Green can no longer count himself a member of the billionaires club after seeing his personal fortune halve over the course of the last year. The Topshop tycoon and his [...]
Short-sellers smell blood at embattled shopping centre firm Intu May 12, 2019 Short-sellers have been stepping up their bets against Intu in recent months, as they look to cash in on the embattled shopping centre owner’s current retail woes. City punters have been circling the FTSE landlord, which recently appointed Matthew Roberts as its new boss, amid downbeat forecasts that the group’s rental income will slide as [...]
Debenhams to remain under control of investors after no appropriate buyer found May 9, 2019 Debenham’s will remain under the control of its investors after no alternative buyer was found for the struggling department store. The retailer entered a pre-pack administration in April and ownership was passed into the hands of its investors, however, administrators FTI consulting launched a marketing process to sell the company. Read more: Debenhams versus Mike [...]
Debenhams versus Mike Ashley: Something has gone horribly wrong May 9, 2019 Magpies are among the world’s cleverest animals. Prone to cunning theft from other nests, they enjoy a surprising degree of protection. Foiled Debenhams suitor Mike Ashley won’t miss the irony that while his Newcastle United Football Club is nicknamed after these swooping robbers, a marauding band of debtholders have led a planned effort to steal [...]
Debenhams to close 22 stores in 2020 as lenders warn of 1,200 job losses April 26, 2019 Debenhams revealed its store closure plan this morning, with up to 22 stores expected to be shuttered in 2020. Around 1,200 jobs are at risk due to the two Company Voluntary Arrangements (CVAs), one for property and one for retail, the company said today. Read more: Debenhams owners to outline plans to shut 20 stores The [...]
Carpetright shares soar as restructuring plan starts to pay off April 25, 2019 Shares in Carpetright soared almost 25 per cent this morning after it reported a “significant” improvement in sales as its restructuring plan begins to pay off. The London-listed carpet specialist said like-for-like sales were up in the fourth quarter in a sign of renewed customer confidence. Read more: Carpetright sales drop but pace of decline [...]