Another iconic department store is closing down. Announced earlier today, the UK’s Debenhams (OTC:DBHSF) has collapsed into administration, leaving the retailer’s lenders to take control of the company.
Debenhams in AdministrationThe brand rejected a last-minute offer by Sports Direct owner Mike Ashley to “underwrite an increased £200 million rights issue.”
According to reports, Ashley upped his previous offer of £150 million to £200 million last night at midnight. It was a last effort bid to woe management.
However, Debenhams said in a statement earlier that it was “not sufficient” for the ...
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