Debenhams pressure mounts amid Sports Direct comments March 18, 2019 The war of words between Debenhams and retail tycoon Mike Ashley escalated once again this morning after Sports Direct’s finance chief confirmed City speculation that it would look to buy the department store chain if it collapsed into administration. Sports Direct’s finance chief Chris Wootton, who could potentially become Sports Direct boss if Ashley takes [...]
Mark Kleinman: Interserve is left to clean up its own mess March 15, 2019 What’s this? A public voting process punctuated by angry disputes about the terms and timing of a deal; feverish talk of ousting the top team orchestrating the agreement; and potentially dire consequences if the vote is blocked. It sounds a lot like events in Westminster, but today might instead mark the denouement of another of [...]
FA Cup quarter-finals: Competition presents a rare opportunity for non-Premier League Big Six sides to make their mark March 14, 2019 The best advertising strikes a chord with consumers and BT Sport’s publicity for its FA Cup coverage has neatly captured the mood around this season’s competition. In the advert, common grievances about football's oldest competition – not enough giant-killings, an unwanted break from fantasy football, a halting of league momentum – are aired. An oversized [...]
Debenhams considers Mike Ashley’s £150m loan offer March 14, 2019 Debenhams said it will give “careful consideration” to Sports Direct’s proposed £150m loan this morning, after receiving the offer last night. Read more: Sports Direct accuses Debenhams of 'deliberately misleading' the market The struggling department store chain received the 12-month loan offer from billionaire Mike Ashley last night, as the retail magnate accused the board [...]
Mike Ashley’s Sports Direct accuses Debenhams of ‘deliberately misleading’ the market March 13, 2019 Mike Ashley’s Sports Direct has accused the Debenhams board of “deliberately misleading” the market as the retail tycoon continues to pile the pressure on the struggling high street firm. Sports Direct, which owns a 30 per cent stake in Debenhams, has written to the Financial Conduct Authority (FCA) with concerns that recent trading updates have misled investors [...]
Debenhams strikes back against Mike Ashley with ‘advanced’ plans to raise £110m March 11, 2019 Debenhams said “advanced negotiations” are underway to secure up to £150m in loans to keep it alive this morning, as it fights back against Mike Ashley’s bid to oust the board. The struggling retailer said the £40m bridging loan it secured in early February comprises part of this sum, but that it is seeking to [...]
MPs investigate Debenhams’ pension schemes as retailer struggles to stay afloat March 8, 2019 MPs are scrutinising the Pensions Regulator’s possible involvement in Debenhams’ refinancing discussions after the retailer issued a second profit warning earlier this week. Read more: Debenhams shares jump on Mike Ashley power grab Work and pensions committee chair Frank Field wrote to the regulator’s chief executive, Lesley Titcomb, to probe its involvement with the struggling [...]
What’s Mike Ashley’s game with Debenhams? March 8, 2019 Mike Ashley is consistent in the way he always manages to surprise us. On Thursday night in a post-market RNS the Sports Direct boss announced he was planning a boardroom cull at Debenhams, installing himself as chief executive officer. Only the recently appointed Rachel Osborne would survive the cull. On Tuesday, after Debs warned on [...]
Debenhams shares bounce back as Mike Ashley launches power grab March 8, 2019 Shares in embattled department store chain Debenhams jumped as much as 25 per cent this morning after Mike Ashley launched an audacious bid to take control of the company. The retail mogul last night demanded an extraordinary general meeting of Debenhams shareholders, calling for all but one of the existing board members to be ousted. Read [...]
Mike Ashley moves to oust Debenhams board and appoint himself as director March 7, 2019 Retail tycoon Mike Ashley has ramped up the pressure on embattled department store chain Debenhams this evening, after making an audacious bid to axe most of the firm’s directors and appoint himself to the board. In a surprise announcement made on the London Stock Exchange tonight, the billionaire magnate pledged to step down from his current role [...]