Debenhams owners to outline plans to shut 20 stores April 23, 2019 Debenhams is poised to outline plans this week to bring forward the closure of 20 of its stores, according to Sky News. The new owners of the department store chain, which include Barclays and hedge fund Silver Point, will launch a company voluntary arrangement (CVA) in the next 48 hours that will allow it to [...]
Debenhams chief executive Sergio Bucher steps down after lenders take control April 19, 2019 Debenhams chief executive Sergio Bucher has stepped down, nine days after the embattled department store's lenders took control. The group’s non-executive chairman Terry Duddy has been appointed interim executive chairman until a permanent replacement is found, Reuters reported. Read more: Mike Ashley among Debenhams shareholders wiped out Duddy will oversee a major store closure programme, which is expected [...]
Mike Ashley among Debenhams shareholders wiped out April 18, 2019 | City Talk By Graeme Evans from interactive investor. One of the most intriguing City soap operas is over for investors as lenders seize control of Debenhams. The fight for survival at Debenhams (LSE:DEB) stores goes on, but for investors the suspension of shares signalled the final act in a grim 13 years of stock market trading. The [...]
Activist investors turn their backs on troubled retailers April 15, 2019 While activist investors are known for their interest in underperforming businesses, there is one sector in the UK so troubled that even opportunistic shareholders are now turning their backs: high street retailers. Such are the difficulties facing Britain’s bricks-and-mortar retail giants that many have become "too distressed to attract activist interest", according to a new [...]
Retail veteran Terry Duddy set to replace Bucher as Debenhams boss April 14, 2019 Retail veteran Terry Duddy is being lined up to take over as chief executive of department store chain Debenhams as administrators pin their hopes on the troubled firm’s interim chairman to lead a major restructuring plan. Read more: Revealed: All 15 LK Bennett stores set to close in Chinese sale Current chief executive Sergio Bucher is [...]
Sports Direct takes another swipe at Debenhams in share buyback April 11, 2019 Sports Direct took a further swipe at Debenhams this morning amid growing speculation that Mike Ashley is mulling legal action to remove the retailer’s current administrators. Read more: Mike Ashley considers legal action against Debenhams In a note to the London Stock Exchange the sportswear group announced a new share buyback programme, which it said was [...]
Sports Direct accuses Debenhams administrators of conflict of interest April 10, 2019 Sports Direct doubled down on its calls for the administration of Debenhams to be reversed this afternoon, as it mulls potential legal action following Mike Ashley’s failed bid to take control of the retail chain. Lawyers from the sportswear retailer said today that the appointment of administrators and the subsequent pre-pack administration only happened because Ashley’s own [...]
Mike Ashley’s Sports Direct considers legal action against Debenhams after lenders take control April 10, 2019 Sports Direct is considering legal action against Debenhams after the retailer collapsed into administration, wiping out shareholders. Retail tycoon Mike Ashley branded the pre-pack administration a “national scandal” yesterday after he failed to gain control of the department store chain. Read more: Ashley lashes out as Debenhams enters administration Sports Direct’s deputy chief financial officer [...]
Mike Ashley could use a lesson in subtlety after Debenhams April 10, 2019 Britain's leading retail maverick Mike Ashley is known for using intemperate language – but in his reaction to the collapse of long-term target Debenhams yesterday, he excelled himself. Ashley issued a statement in which he savaged politicians and regulators for being “as effective as a chocolate teapot”, and called for advisers on the deal to [...]
‘National scandal’: Mike Ashley lashes out as Debenhams falls into clutches of lenders April 9, 2019 Sports Direct owner Mike Ashley has launched a scathing attack on the board of Debenhams this afternoon as the British high street stalwart fell into administration. Read more: Debenhams falls into administration as lenders take over The billionaire called on authorities to reverse the administration process that started today and reiterated his calls for advisers on [...]