The billionaire
LONDON: Debenhams Plc said talks on a last-ditch rescue by billionaire Mike Ashley have collapsed, making it likely that lenders will take control of the troubled retailer in a restructuring that wipes out shareholders’ equity.
Ashley, the chief executive officer of Sports Direct International Plc, boosted his offer to underwrite new funding for the department-store chain by £50mil (US$65mil), to £200mil. But Debenhams said conditions for an agreement with Ashley, who has also been considering a takeover bid, have not been met. Debenhams’ shares have been suspended from trading.
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