British department store chain Debenhams looked set to fall into the hands of it...
LONDON - British department store chain Debenhams looked set to fall into the hands of its lenders on Tuesday after it rejected a new overnight rescue plan from investor Mike Ashley in the latest twist in an acrimonious battle.
Debenhams, once Britain’s biggest department store group, rejected the offer first thing on Tuesday. It had rejected a 150 million pound rescue plan from Ashley on Monday. Despite its long history, Debenhams has been battling for survival after a consumer shift online and to cheaper outlets destroyed 90 percent of its share value in the past year.
Putting the business into a so-called pre-pack administration will enable it to restructure the company more quickly. But the threat against shareholders had prompted Ashley, a high profile and unorthodox executive, to step up his campaign to wrest control of the company.
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Debenhams set for administration after rejecting new Ashley planBritish department store chain Debenhams looked set to fall into the hands of its lenders on Tuesday after it rejected a new overnight rescue plan from investor Mike Ashley in the latest twist in an acrimonious battle.
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