Debenhams rejects latest Ashley proposal

The chief executive of Sports Direct International had offered to underwrite the issuance of £150 million in new shares, conditional on his being named CEO of the department store chain

Debenhams preparing 'pre-packaged' administration. Pic: Getty

British department store chain Debenhams has rejected a fresh bid byBritish billionaire Mike Ashley to prevent a wipeout of his equity in Debenhams.

Ashley had offered to underwrite the issuance of £150 million in new shares. The chief executive of Sports Direct International said his support for the shareholder rights issue was conditional on his being named CEO of the department store chain, a request that has previously been a sticking point in ...