Debenhams has collapsed into administration and the retailers lenders have seized control of the company.
Earlier today, it was revealed that the company had rejected a last-minute offer by Sports Direct owner Mike Ashley to underwrite an increased £200 million rights issue.
The boss increased his offer, which would see existing investors buying newly issued shares, to underwrite the business to £200 million from an earlier offer of £150 million at around midnight on Monday.
However, Debenhams said in a statement on Tuesday that offer was not sufficient for the lenders.
The offer was conditional on Ashley becoming CEO.
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Following the collapse, FTI Consulting has been appointed to carry out the process but the firm insisted that stores will continue to trade as normal.
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Administrators have sold the group to a nRead More – Source
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