Department store chain Debenhams has fallen into administration today following a rejected £200million offer to save it by Sports Direct owner Mike Ashley. At its own request, the company had its shares suspended before trading. https://themanc.com/news/debenhams-...J14OeZ06yghtI3YGLIU9mIdCGO9BilgeZoOd6ZjNDhbj8
I wonder if it will affect the three stores in Manila, and the other couple of stores in the Philippines, they are all under franchise.
I think they've been bought by an American Hedge Fund and it seems that only 50 of its 160+ stores will close over the next two years.
Due to more people shopping online ? As a daft young 'yuppy' , I bought all the carpets for my first house there... at £15 a square yard, back in 1978,
"Ashley, who spent at least £150m building up a near 30% stake in Debenhams, lost out after the company and its lenders rejected a last-ditch offer of a new £200m cash injection, as it was dependent on him becoming chief executive. The proposal made in the early hours of Tuesday morning came after an offer of £150m on Monday was also rejected for the same reason. Debenhams had a market value of more than £300m less than a year ago. However, after a string of profit warnings and and a bitter battle with its major shareholder, Sports Direct, the group’s shares slumped in value to less than £23m on Tuesday morning. There is virtually no chance of shareholders getting anything back." https://www.theguardian.com/busines...s-taken-over-by-lenders-mike-ashley-loses-sta Ashly has been outmanouvered and lost £150m what a pity
Yes... a pity for all the employees too... and the taxpayers who will now be subsidising them through the benefit system, and probably the winding up of the business also.
Debenhams is in the hands of the lenders now. It went into administration the same day Mica had an interview there....
