It's crunch week for Debenhams as reports suggest its resolve to keep Mike Ashley out is weakening, but with a bitter war of words still being waged, there's talk of an administration filing Monday and big job losses.
Budget fashion chain Select is reportedly preparing an administration filing, a move that would put 2,000 jobs on the line. The firm had already entered a CVA to reduce its rent bill and continue operating.
Debenhams’ bondholders have agreed to change the terms of some of their bonds, moving the group closer to a refinancing deal that could thwart a bid from Mike Ashley’s Sports Direct and wipe out shareholders.
The war of words between Sports Direct and Debenhams heated up on Monday as Sports Direct delivered strong criticism of Debenhams' board at 7am, later coming back with a shock announcement that it could make a full bid.