Mike Ashley has launched a coup to take charge of ailing department store chain Debenhams, seeking to remove most of the board and install himself in an executive role.
Mike Ashley, one of Britain's most famous and unorthodox businessmen, has launched a coup to take charge of ailing department store chain Debenhams, seeking to remove most of the board and install himself in an executive role.
Debenhams said it was"disappointed" that Sports Direct wanted the board changes, adding that it has been engaging with Sports Direct and other stakeholders. "If Mr Ashley were to be appointed to the board of directors of Debenhams during this business critical period for Debenhams, Mr Ashley would carry out an executive role, and would focus on the Debenhams business," Sports Direct said late on Thursday.
Debenhams had previously declined an offer of a 40 million pound loan from Sports Direct. The retailer said on Thursday it remained focused on the restructuring of its balance sheet and that discussions were well advanced.Ashley founded Sports Direct, a discount sports goods and clothing retailer, in 1982 and has built it into one of Britain's most recognisable retail names.
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