Debenhams' response does at least hold open the possibility of a deal being struck, although City sources pointed out that the chain's board was now only in a position to recommend an extension to Monday's deadline to the company's lenders, rather than deciding upon such an extension itself.
Mike Ashley's hopes of a Debenhams takeover fade away as the department store chain secures enough support for its refinancingSports Direct owns nearly 30% of Debenhams' shares, an investment which at current share price implies a massive loss for Mr Ashley's company.FTI Consulting, which has been working with the company's lenders in recent months, has been lined up to handle the administration process.
Under the chain's current plans, just under 20 stores have been earmarked for closure early next year, with dozens more also identified as future casualties. The scale of Debenhams' problems underlines the crisis on Britain's high streets, with Sir Philip Green's Arcadia Group among the other prominent retailers considering drastic restructuring plans.
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