Home Business News Debenhams seeks £200m lifeline

Debenhams seeks £200m lifeline

by LLB Reporter
22nd Mar 19 9:29 am

Debenhams are seeking a cash injection of up to £200m from their existing lenders, the store chain said the move will “provide liquidity headroom” and “deliver stability.”

The injection of cash will allow the troubled retailer to restructure, lenders have until next Thursday to approve the cash call.

The move will prevent the company from falling into the hands of business tycoon Mike Ashley, lenders ruled out Ashley’s lifeline offer.

Earlier this month Ashley wanted to remove the board, except one and be appointed as chief executive, Sports Direct holds 30% shares in the retailer.

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