|Bid||0.0000 x 0|
|Ask||0.0000 x 0|
|Day's Range||0.0001 - 0.0001|
|52 Week Range||0.0001 - 1.2100|
|Beta (3Y Monthly)||N/A|
|PE Ratio (TTM)||N/A|
|Forward Dividend & Yield||N/A (N/A)|
|1y Target Est||N/A|
The creditors of struggling British department stores group Debenhams on Thursday backed a restructuring plan that will see 22 stores closed next year, putting 1,200 jobs at risk. Executive Chairman Terry Duddy said: "I am grateful to our suppliers, our pension stakeholders and our landlords who have overwhelmingly backed our store restructuring plans. Debenhams' lenders took control of the retailer last month in a rescue deal which wiped out the company's shareholders, including Sports Direct boss Mike Ashley, who had tried to buy the whole group.
The CVAs are the final part of a refinancing process that has seen the group’s equity wiped out and its creditors swap £100m of debt for new equity. Terry Duddy, Debenhams executive chairman, said the company was grateful to suppliers, pension stakeholders and landlords for backing the plan. Sports Direct, which was the biggest shareholder in Debenhams’ equity when it was still a listed company, is believed to have voted against the proposal.
Debenhams PLC creditors are left in full charge of the company after a sale process for the department store group ended with no acceptable bids being received. British transport operator Stagecoach Group PLC launched a legal action against the British Department for Transport, alleging the DfT had breached its statutory duties over procurement. U.S. Secretary of State Mike Pompeo suggested on Wednesday that Britain's plans to open up parts of its 5G network to China's Huawei could allow Beijing "to control the internet of the future" and "divide Western alliances through bits and bytes".
A sale process for Debenhams has ended with no acceptable bids being received, leaving the company’s creditors in full charge of the company, according to people briefed on the matter. Any prospective purchaser would have had to immediately refinance the company’s indebtedness, according to administration documents produced by FTI.
Debenhams' lenders took control of the retailer earlier this month in an effort to keep stores open, a deal which wiped out the company's shareholders, including Sports Direct boss Mike Ashley, who had tried to take control of the business. The retailer on Friday gave details of two proposed company voluntary arrangements which would keep all stores open during 2019, but with 22 closures planned for next year. Once the country's biggest department store chain, Debenhams has been hit by a sharp slowdown in sales, high rents and ballooning debt, plus a power struggle with billionaire shareholder Ashley's Sports Direct.
The 241-year-old retailer is seeking to shut the outlets as part of a previously announced plan for about 50 closures, Debenhams said in a statement Friday. Debenhams is also in negotiations with landlords to reduce rents and with local authorities to cut property taxes, according to the statement. Debenhams is struggling under more than 700 million pounds ($903 million) of debt and expensive leases agreed to years ago across its 166 stores in the U.K. A debt restructuring, in which lenders including U.S. hedge funds Alcentra, GoldenTree Asset Management and Silver Point Capital took over, culminated in shareholders being wiped out.
The following are the top stories in the Financial Times. Reuters has not verified these stories and does not vouch for their accuracy. Headlines Blackstone to shift to a corporation from partnership https://on.ft.com/2Pl6LvM ...
LONDON (Reuters) - Debenhams said on Thursday its chief executive Sergio Bucher had decided to step down, nine days after the ailing British department store group's lenders took control. The group's non-executive ...
The following are the top stories in the Financial Times. Reuters has not verified these stories and does not vouch for their accuracy. Headlines Indivior charged over alleged scheme to boost prescriptions ...
Debenhams' lenders took control of the ailing British retailer on Tuesday in a process designed to keep its shops open at the expense of shareholders, including an irate Mike Ashley, who were wiped out. Once the country's biggest department store chain, Debenhams had been hit by a sharp slowdown in sales, high rents and ballooning debt, plus an acrimonious power struggle with billionaire Ashley's Sports Direct. Administrators were appointed on Tuesday after Ashley's last-ditch bid to rescue the company failed.
(Reuters) - Billionaire Mike Ashley's Sports Direct said it did not intend to make an offer to buy Debenhams after lenders took control of the ailing retailer on Tuesday. Sports Direct had until April ...
Lenders in Debenhams took control of the ailing British retailer on Tuesday after it went into administration, wiping out shareholders including billionaire Mike Ashley who failed in his own attempt to ...
Debenhams Plc, is expected to be taken over by its lenders in a restructuring after they rejected a 200 million-pound ($261.6 million) lifeline from Sports Direct International Plc. After operating for more than 200 years, the company’s failure to react quickly enough to changes in the retail industry, combined with the strain of onerous store leases, stretched Debenhams’ finances. It faced either a takeover by its lenders, or by billionaire Mike Ashley’s Sports Direct. Ownership by Ashley’s Sports Direct would have been a better option.