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 bidders for failed footwear and fashion chain LK Bennett are believed to include shoe retailer Dune. Offers have been lodged this week and a preferred buyer for the company should be chosen within the next few days
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.
Another week, another likely UK fashion brand going under. Liam Gallagher's label Pretty Green is expected to appoint administrators in the week starting March 25 as the weak retail environment claims its latest victim.
Newspapers suggest a pre-pack administration filing is an option for Debenhams while Mike Ashley continues to fight for a role at the company and an investment firm holding 5% of the shares has sold its stake.
Debenhams issued a very short statement on Monday saying that it was in talks on its financing needs. But it spoke volumes in terms of the retailer’s determination to rebuff attempts by Mike Ashley to take control.