Debenhams ‘scrambles to secure a £110m lifeline amid boardroom power grab by Mike Ashley’
Debenhams is scrambling to secure another £110 million from its lenders
Debenhams is scrambling to secure another £110 million from its lenders amid a boardroom power grab by Mike Ashley, sources said.
The ailing department store is reportedly trying to get extra cash from the banks and other investors who are its creditors.
An injection of fresh cash would likely see new stock issued to the lenders, meaning existing shareholders would control a smaller proportion of the firm and have less say over its future.
Ashley’s retailer Sports Direct owns 29.7 per cent of Debenhams, so he will lose out under the scheme.
Last week Ashley proposed sacking most of Debenhams’ board as part of a plot which would see him take the helm.