UK retailer Debenhams falls into administration

UK retailer Debenhams falls into administration

UK retailer Debenhams falls into administration. UK retailer Debenhams has officially been put into administration, with lenders taking control of the company.

According to RTE, it was announced that a rescue plan, worth £150 million, was rejected.

Billionaire Mike Ashley’s Sports Direct said it did not intend to make an offer to buy Debenhams after lenders took control.

Debenhams previously said in a statement: ” “The board confirms that it received a revised, highly-conditional, proposal from Sports Direct in the early hours of April 9, which indicated a willingness of Sports Direct to underwrite an equity issue of £200 million.

“The company’s lenders have confirmed to the company that the proposal, on the terms set out, was not sufficient to justify an extension to the April 8 deadline.

“The company anticipates making a further announcement during the course of the day following further discussions with its lenders.”

Only a couple of months ago, it was announced that the chain was set to close 90 stores across the UK and Ireland.

It was also reported that the retailer would be closing up to 50 UK stores with 4,000 jobs at stake after the company made a loss of over £500 million.

Now, the closure looks even bigger, as the Telegraph reports that another 40 stores could close, with no confirmation on what Debenham’s next steps are.

UK retailer Debenhams falls into administration

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