Sports Direct owner Mike Ashley has hit out at Debenhams after his takeover offer was snubbed, Ashley stands to lose his 30% stake.
The business tycoon said in a statement early on Friday morning, “Now the results of the vote are known and we have also been subsequently advised that the supportive HSBC are no longer part of Debenhams’ revolving credit facility, I think that, if there were any justice in the world, the majority of the advisers would be put in prison.”
KPMG had been advising Debenhams and FTI Consulting were working with lenders.
The retailer will now start restructuring to secure more future business and are cutting costs, on Thursday Facebook announced they are moving into Debenhams offices in Regents Park.
It is thought Debenhams will look at a debt-for-equity swap with a pre-pack administration, shareholder approval is not needed. Both of these options will see shareholders wiped out, including Ashley.