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Tag: Debenhams

Debenhams CEO to leave troubled retailer

Debenhams CEO to leave troubled retailer

Business
Debenhams has confirmed that its chief executive Sergio Bucher will step down this week, days after the troubled retailer entered into administration and was taken over by its lenders.A search has begun for Mr Bucher's successor and in the meantime non-executive chairman Terry Duddy will assume the role of interim executive chairman. Before Debenhams fell into administration this month, Mr Bucher failed in being re-elected to the board at the last annual general meeting in January, after two major shareholders voted against him.However, in a rather unusual situation, the board and Mr Bucher agreed at the time that he should continue as CEO and report to the board.The outgoing CEO was Amazon's senior vice president of fashion before joining Debenhams in 2016. ...
Mike Ashley releases furious statement after Debenhams collapses

Mike Ashley releases furious statement after Debenhams collapses

Business
By Ganesh Rao, business reporter Mike Ashley has described the administration of Debenhams as a "national scandal", with the Sports Direct owner urging the process to be reversed.The embattled department store was immediately taken over by its lenders on Tuesday after a revised last-ditch offer by Mr Ashley was rejected. Debenhams stores are continuing to trade normally for now, but dozens of branches are already facing closure - and shareholders including Sports Direct, which owned a stake of almost 30%, have been wiped out.Mr Ashley, who has made numerous attempts at a takeover, said in a statement to the stock exchange: "As normal, politicians and regulators fiddled whilst Rome burnt."These politicians and regulators have proven to be as effective as a choc...
Debenhams rejects Mike Ashley’s £150m proposal

Debenhams rejects Mike Ashley’s £150m proposal

Business
Debenhams has rejected a £150m proposal made by Sports Direct as Mike Ashley attempts to prevent the department store from falling into the hands of its lenders.The latest plan from Sports Direct International - first revealed by Sky News - offered to underwrite a £150m rights issuance for the department store chain in exchange for lenders agreeing to write off £148m of debt. Sports Direct, which owns 30% of the struggling chain, wants to install Mr Ashley as chief executive as it seeks either to refinance the business or take it over entirely.But relations between the two companies have descended into acrimony with Sports Direct suggesting that members of the Debenhams board take lie detector tests over a disputed meeting.Without a deal between the two sides by the end of Monday, the 340-
Mike Ashley: Debenhams directors should take lie detector tests

Mike Ashley: Debenhams directors should take lie detector tests

Business
By John-Paul Ford Rojas, business reporter Mike Ashley's Sports Direct has accused the board of Debenhams of "falsehood and denials" and even suggested that its directors take lie detector tests, hours before a key deadline on the department store's future.Sports Direct, which owns 30% of the struggling chain, wants to install Mr Ashley as chief executive as it seeks either to refinance the business or take it over entirely. But relations between the two companies have descended into acrimony with Sports Direct suggesting that members of the Debenhams board take lie detector tests over a disputed meeting.Without a deal between the two sides by the end of Monday, the 340-year-old chain faces being placed into a pre-pack administration with lenders taking contro...
End coup attempt, Debenhams tells Ashley‎

End coup attempt, Debenhams tells Ashley‎

Business
By Mark Kleinman, City editor Debenhams has told billionaire Mike Ashley to abandon his attempt to oust its board as it dangled the prospect of delaying a deal that would hand control of the company to its lenders.Sky News has learnt that Debenhams wrote to Sports Direct International this weekend to set out four conditions that Mr Ashley would need to meet ahead of a deadline on Monday for a refinancing to be agreed. The tycoon, who has been battling for weeks to prevent control of Debenhams passing to its lenders, had proposed a last-gasp deal involving a £150m equity-raising that he would underwrite and a package of measures to reduce its remaining £520m debt-pile.Sources close to Sports Direct said on Sunday that Debenhams had responded to its latest propo