British department store chain Debenhams looked set to fall into the hands of its lenders on Tuesday after it rejected a new overnight rescue plan from investor Mike Ashley in the latest twist in an acrimonious battle.
Fighting to defend his 30 percent stake before all shareholders are wiped out, Sports Direct boss Ashley made a midnight offer to underwrite a 200 million pound rights issue in exchange for him becoming CEO.
"The company anticipates making a further announcement during the course of the day following further discussions with its lenders," it said. Its shares were suspended before the stock market opened on Tuesday. It plans to close about 50 underperforming stores, putting about 4,000 jobs at risk. That would leave around 110 stores in Britain, generally large premises at the heart of the country's high streets.
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