Debenhams
| Use attributes for filter ! | |
| Web site | www.debenhams.com |
|---|---|
| Stock price | DEB |
| Disclaimer | |
| Customer service | 00 44 20 7387 8723 |
| Ceo | Sergio Bucher |
| Headquarters | London |
| United Kingdom | |
| Founded | London |
| United Kingdom | |
| Date of Reg. | |
| Date of Upd. | |
| ID | 406004 |
About Debenhams
Debenhams plc is a British multinational retailer operating under a department store format in the United Kingdom and Ireland with franchise stores in other countries. The company was founded in the eighteenth century as a single store in London and has now grown to 178 locations across the UK, Ireland and Denmark.
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Debenhams: Mike Ashley says make me boss for £150m
Retail tycoon Mike Ashley has offered a £150m cash injection to ailing retailer Debenhams - as long as he can become its chief executive.
Mr Ashley, who is Debenhams ' biggest shareholder,
Last week, the retailer challenged Mr Ashley to table a firm takeover offer or abandon his attempt to take control and provide funding instead.
Debenhams has refused to comment on the offer.
Days before, Sports Direct has offered to underwrite £150m of new equity funding for the retailer but Only If Mr Ashley becomes chief executive and £148m of debt is written off by lenders, who include banks and hedge funds.
'Relieve pressure'The Department Store chain's financiers are considering the offer, say City sources.
Sports Direct, which owns a near 30% stake in the retailer, had previously said it was.
Sports Direct's letter to Debenhams states: "Mr Ashley's appointment would immediately relieve any pressure on The Company 's supply chain and he would be in a position to lead the restructuring of The Company 's stores and operations.
"Sports Direct remains keen to be a supportive shareholder and Financier . "
Mike Ashley owns More Than 60% of Sports Directby Sports Direct to install Mr Ashley as Debenhams chief executive have been rejected.
If Mr Ashley's latest offer is turned down by Debenhams ' lenders, The Company is likely to enter a pre-planned administration, possibly as early as next week.
Stores, staff and suppliers would not see any immediate change.
However, under The Deal 's conditions, shareholders including Mr Ashley would see their stakes in The Company wiped out.
Debenhams is planning a restructuring of The Business to put it on a more sustainable financial footing.
That's expected to lead to the closure of about 50 stores in the longer term.
No sites are expected to close until 2020 at the earliest.
Record lossThe retailer will also attempt to get landlords to cut the rent on The Remaining sites in order to make them more profitable under a company voluntary arrangement.
The struggling Department Store , which has 165 stores and employs about 25,000 people,
If Mr Ashley's offer is accepted, he would control yet another High Street name.
As well as Sports Direct, Mr Ashley runs House of Fraser, Evans Cycles and Flannels.
In January Mr Ashley joined investor Landmark Group to vote the retailer's chairman and chief executive off the board.
High Street retailers have been under increasing pressure as more people choose to shop online and visit stores Less .
sports direct, debenhams, retailing, mike ashley, companies
Source of news: bbc.com
