UK department store chain Debenhams has fallen into administration after it rejected UK sportswear retailer Sports Direct's proposal to underwrite a £150m equity issuance by Debenhams to its existing shareholders.
High retailer Debenhams has announced plans to close up to 22 stores in the UK in 2020 as part of a Company Voluntary Arrangement (CVA), so it can reshape the business and keep trading through the current tough trading environment.
UK retail boss and Sports Direct CEO Mike Ashley has served a notice to UK department store chain Debenhams, in a boardroom coup, for the removal of all its current board members.