Billionaire Mike Ashley, vying with creditors for control of Debenhams Plc, is considering an offer that would value the troubled UK department-store chain’s equity at £61.4 million pounds .
The move ratchets up the struggle for Debenhams, a fixture of the UK’s shopping streets that’s fallen on hard times as consumers buy more online and confront the economic vagaries of Brexit. It’s the latest of Ashley’s attempts to wrest control of the retailer and save his stake after offering two spurned loans and proposing last week to buy Debenhams’ Danish stores for £100 million .
A Debenhams representative declined to comment. The retailer said Tuesday it would consider any offer from Ashley, but that he’d have to address its immediate funding requirements and repay up to £560 million of debt. Ashley has stepped up his pursuit of the chain as he stands to lose most of his investment. Following the plunge in the share price, the refinancing plans being discussed with creditors may wipe out all equity value for shareholders, Debenhams said last week.
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Source: staronline - 🏆 4. / 75 Read more »
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