Sports Direct says Debenhams has rejected £150m equity offer as pre-pack administration looms April 8, 2019 Sports Direct has said that Debenhams spurned a £150m equity offer from Mike Ashley, in a sign that the embattled retailer is inching closer towards a pre-pack administration. Read more: Debenhams shares slump as shareholders risk losing everything In a statement this afternoon Sports Direct said that the department store chain, which is set to hand ownership [...]
Debenhams shares fall into the red as investors eye deadline for Sports Direct offer April 8, 2019 Debenhams shares dipped five per cent in early afternoon trading today, falling from a 15 per cent rise this morning as the deadline for a pre-pack administration draws near. The embattled department store chain is set to hand ownership to lenders tomorrow if Sports Direct fails to reach an agreement with the retailer by the end [...]
The government must pause for thought before pushing ahead with “online harms” regulations April 8, 2019 A common view of the world goes thus – individuals and businesses do whatever they can to pursue their own self-interest, and must be kept in check by governments. As certain companies get bigger and bigger, greater regulations are required. While not entirely without merit, this dichotomous standpoint is excessively blunt and can result in [...]
Sports Direct owner Mike Ashley confirms £150m equity offer for Debenhams as it considers 5p per share takeover April 8, 2019 Mike Ashley’s Sports Direct officially confirmed an offer to underwrite a £150m share issuance by Debenhams today on the condition that Ashley be made chief executive. The sports store chain said the underwriting of the equity issuance, which would see Sports Direct take on the financial risk involved in selling new equity to current shareholders to raise [...]
Sports Direct makes £150m offer to underwrite Debenhams in bid to make Ashley CEO April 7, 2019 A bitter and hard-fought battle for control of one of Britain’s oldest department store chains descended into farce last night as Mike Ashley tussled with Debenhams to prevent the retailer from entering into a pre-pack administration. In his latest efforts to ramp up pressure on the chain’s board, the Sports Direct owner last night accused [...]
Mike Ashley makes legal threat as Debenhams deadline beckons April 6, 2019 Sports direct owner Mike Ashley has suggested he could take legal action against directors at Debenhams as the deadline for him to make a formal bid for the struggling department store chain approaches. Ashley has until April 8 to make that bid but as the chance of his participation in a rescue deal decreases, he [...]
Moody’s downgrades Debenhams, warning outlook remains ‘negative’ April 4, 2019 Troubled retailer Debenhams suffered a fresh blow this afternoon after being downgraded by credit ratings agency Moody’s. Read more: Sports Direct calls on Debenhams investors to protest against finance deal The department store chain’s rating has been cut from Caa1 to Ca, with Moody’s saying that the group's outlook remained "negative". "We have downgraded Debenhams' [...]
Property giant Intu promotes finance boss to become new chief executive April 4, 2019 Shopping centre-owner Intu Properties has promoted its finance boss to run the company, it announced today. Intu confirmed that Matthew Roberts was taking over as chief executive with effect from 29 April. Roberts has been chief financial officer at Intu since 2010 and was also previously chief financial officer at gambling firm Gala Coral and [...]
Intu Properties to appoint finance chief Matthew Roberts as new boss April 3, 2019 Shopping centre owner Intu Properties plans to appoint its finance boss as its new chief executive during a challenging time for the retail sector. Intu, which owns the Trafford Centre in Manchester, is expected to announce that current chief financial officer Matthew Roberts is its new chief executive as early as tomorrow, Sky News reported. [...]
Findel says it has backing of major shareholder in blow to Ashley bid April 1, 2019 Online shopping specialist Findel claimed today that it had the support of its second largest shareholder, as it looks to see off a takeover bid from Sports Direct. In the latest blow to retail tycoon Mike Ashley, the British home shopping company published a letter of support from Schroders, which controls an 18.85 per cent [...]