Debenhams in talks for £150 million pounds loan

 
Department store chain Debenhams announced that it was in advanced talks with its lenders for additional loans of about £150 million.

The announcement comes days after Mike Ashley, one of Britain’s most famous and unorthodox businessmen, said he was willing to take charge of Debenhams and would seek to remove most of the board and install himself in an executive role.

The company said £40 million from these loans would be used to refinance a bridge facility of the same amount announced on Feb. 12.

Sports Direct has said it wants to remove all the current members of the Debenhams board except one, and appoint its boss Mike Ashley to run the business.

Sports Direct has a nearly 30% share in Debenhams.

The department store chain said it was “disappointed that Sports Direct has taken this action”.

A few days ago Debenhams issued another profit warning as its sales continue to fall.

Via Euronews and BBC