Founder of Sports Direct had ploughed at least £150m into department store group

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This article is more than 4 months old

Debenhams has been taken over by its lenders after the department store group fell into administration, wiping out shareholders including Mike Ashley’s Sports Direct and paving the way for store closures that will put thousands of jobs at risk.

The retailer’s 165 UK outlets will continue to trade under the pre-pack administration deal that affects its listed holding company only. Cost-cutting plans under consideration by the retailer’s new owners mean about 50 stores are under threat, although no sites are expected to shut until after Christmas.

Debenhams entered administration on Tuesday morning and the group’s two principal operating companies were sold immediately to a new company owned by its lenders.

Terry Duddy, the chairman of Debenhams, which employs 25,000 people in the UK, said it was “disappointing” shareholders in the business had been wiped out. The investors included Sports Direct group, of which Ashley is chief executive and founder. The group has taken a hit of at least £150m on its near 30% stake in Debenhams.

“This transaction will allow Debenhams to continue trading as normal, access the funding we need and proceed with executing our turnaround plans,” Duddy said.

“We remain focused on protecting as many stores and jobs as possible, consistent with establishing a sustainable store portfolio ...

“In the meantime, our customers, colleagues, pension holders, suppliers and landlords can be reassured that Debenhams will now be able to move forward on a stable footing. I would like to thank them all for their recent and continuing support.”

The pre-pack administration – under which a sale is lined up in advance – paves the way for the lenders to pump another £100m of urgently needed funds into the business.

Ashley can rage, but his Debenhams offer had limited appeal | Nils Pratley Read more

But the banks and hedge funds that now own the group also want to close about 50 stores via an insolvency process known as a company voluntary arrangement. Details of the plan, which landlords must approve, are expected to be announced within weeks.

Debenhams has struggled to adapt to the switch to online shopping and has spent millions of pounds on servicing its heavy debts. The company’s large stores are also on long leases, making it difficult to cut rents or move to better locations.

HMV, Maplin, Poundworld and LK Bennett are among the high street names that have called in administrators since 2018.

Tens of thousands of retail jobs have been lost since last year and even retail stalwarts such as Marks & Spencer have announced wide-ranging store closure plans.

Richard Lim, the chief executive of industry analysts Retail Economics, said Debenhams was the latest victim of a rapidly changing industry. “We should not understate the significance of this collapse, given the vast property portfolio, number of jobs impacted and the reverberations felt across many high streets,” he said.

“Debenhams has fallen victim to crippling levels of debt, which has paralysed its ability to pivot towards a more digital and experience-led retail model.

“Put simply, the business has been outmanoeuvred by more nimble competitors, failed to embrace change and was left with a tiring proposition. The industry is evolving fast and it paid the ultimate price.”

Sports Direct lost out on Debenhams after the company and its lenders rejected a last-ditch offer of a £200m cash injection, mainly because it was conditional on Ashley becoming chief executive of the department store chain.

Facebook Twitter Pinterest Many of Debenhams’ large stores are on long leases, making it difficult to reduce rental costs. Photograph: Liam McBurney/PA

The proposal made in the early hours of Tuesday morning came after an offer of £150m on Monday was rejected for the same reason. Sports Direct said on Tuesday it had ditched plans for a potential £61m takeover bid for Debenhams.

In a stock market statement issued on Tuesday, Sports Direct called for the administration of Debenhams to be reversed, claiming it had been stalled and misled during rescue talks.

“This is nothing short of a national scandal and one that could so easily have been avoided if Debenhams had chosen to engage with its largest shareholders constructively,” the company said.

The note flagged up the threat of potential legal action, saying it would “not stop in its quest to get to the bottom of this appallingly managed process”.

Ashley said: “As normal, politicians and regulators fiddled while Rome burned. These politicians and regulators have proven to be as effective as a chocolate teapot.

“I will go to the ends of the earth to save as many Debenhams stores and jobs as I can, similar to the promise I made with regards to House of Fraser.”

The Sports Direct chief executive was keen to put Debenhams together with House of Fraser, the struggling department store group he bought out of administration for £90m last year.

Ashley had wanted to protect his investment in Debenhams, which had a market value of more than £300m less than a year ago but was valued at less than £23m on Tuesday morning. There is virtually no chance of shareholders getting anything back.

Documents published on Tuesday showed Debenhams’ lenders paid £101.8m for the group and also took on £520m of debts and its pension obligations, taking the total cost of the deal to £621.81m. But that sum is in line with the total value of Debenhams’ debts at the time it fell into administration, leaving no spare cash for shareholders.

The letter said the business had been “sold for a price which in our opinion is the best price reasonably obtainable at the time of sale”.</s>Future of Romford and Ilford Debenhams stores unknown as company goes into administration

Department store Debenhams has this morning been placed into administration and the future of its Romford and Ilford stores is currently unknown.

Today (Tuesday, April 9) the retailer’s lenders seized control of the company, and the move is expected to trigger store closures and job losses.

As part of a wider restructuring around 50 outlets could shut via a Company Voluntary Arrangement, however at the moment the future of the stores in The Exchange, Ilford, and Market Place, Romford is unknown.

The widely-anticipated change of ownership means that shareholders such as Mike Ashley’s Sports Direct, who holds a 30 per cent stake, will see their investments wiped out.

FTI Consulting has been appointed to carry out the process but the firm insisted that stores will continue to trade as normal.

Administrators have sold the group to a newly-incorporated company controlled by Debenhams’ lenders, including hedge funds thought to include Alcentra, Angelo Gordon and Silver Point Capital.

Under new ownership, Debenhams will have access to £200 million in emergency funding.

Terry Duddy, Debenhams chairman, said: “It is disappointing to reach a conclusion that will result in no value for our equity holders.

“However, this transaction will allow Debenhams to continue trading as normal; access the funding we need; and proceed with executing our turnaround plans whilst deleveraging the group’s balance sheet.

“We remain focused on protecting as many stores and jobs as possible, consistent with establishing a sustainable store portfolio in line with our previous guidance.

“In the meantime, our customers, colleagues, pension holders, suppliers and landlords can be reassured that Debenhams will now be able to move forward on a stable footing.

“I would like to thank them all for their recent and continuing support.”

A spokesman for the Debenhams Pension Schemes said: “Debenhams Retail Limited has been transferred to a newly-incorporated company and continues to trade and operate as normal. Members can therefore be reassured that the schemes are carrying on as usual.

“The trustees have worked with our specialist advisers throughout the process of the company’s refinancing and restructuring, to ensure that members’ interests are taken into account and we have consulted closely with The Pensions Regulator and the Pension Protection Fund at every stage.

“We are in the process of writing to all members with further information and we will continue to keep them informed.”</s>Department store Debenhams has officially gone into administration after the shop rejected plans by Sports Direct's Mike Asheley to save it.

FTI Consulting has now been appointed as administrators for the chain, whose shops will continue trading for now.

Debenhams is expected to close 50 of its 165 stores in the future, but no timescale has been announced yet.

Debenhams’ chairman Terry Duddy said: “It is disappointing to reach a conclusion that will result in no value for our equity holders. "

He added that the move allows Debenhams to continue trading as normal for now.

"We remain focused on protecting as many stores and jobs as possible, consistent with establishing a sustainable store portfolio in line with our previous guidance," he said.

“In the meantime, our customers, colleagues, pension holders, suppliers and landlords can be reassured that Debenhams will now be able to move forward on a stable footing. I would like to thank them all for their recent and continuing support.”

As well as planning closures, the chain - which employs about 25,000 people - has been renegotiating rents with landlords.

Its lenders are made up of High Street banks and US hedge funds including Barclays and Bank of Ireland, as well as Silver Point and GoldenTree.

It has not released a list of which shops may be shut.

Debenhams suspended trading in its shares at 8am this morning after rejecting a last-gasp effort from Sports Direct to snatch it from the jaws of administration.

Ashley's Sports Direct had made a revised £200 million rescue offer for Debenhams, in an attempt to delay the department store's likely administration.

The offer involved underwriting a rights issue which would see existing investors buying newly issued shares and is an advance on an £150 million plan tabled on Monday, which was rejected.

And for customers? The advice is act quickly.

Which? consumer eights editor Eleanor Snow,, said: “Debenhams has long been a staple of the British high street so this is a worrying time for its customers and they may find their consumer rights are affected.

“If you have gift vouchers or have bought something you are intending to return do this now as you may not be able to do so if the store ceases trading.

“If you are planning to buy something for more than £100 in Debenhams, make sure you use a credit card so you can make a claim against your credit card company under Section 75 if anything goes wrong.”

Here's what you need to know about your Debenhams refund and gift card rights.

But while worrying for some, the move might end up ensuring the shop's survival overall.

Sean Moran, insolvency partner at law firm Shakespeare Martineau, said: “Debenhams’ entry into administration and immediate pre-packaged sale represents a much-needed lifeline for the retailer, allowing it to continue trading whilst providing protection for creditors."

He added: “While undoubtedly a disaster for shareholders, opting for administration will allow the new owner to handle the reorganisation of the business’ retail portfolio and drive efficiencies across the business.

“Debenhams lenders have bought themselves valuable time in the battle against tough retail trading conditions, but whether that is enough to prevent this High Street stalwart becoming the latest high-profile UK retail casualty is yet to be seen.”</s>High street stalwart Debenhams says its new owners will inject 'significant' funding oDe

LONDON, United Kingdom – British department store chain Debenhams has been taken over by lenders after falling into administration, it said Tuesday, April 9 amid tough times in the retail sector.

High street stalwart Debenhams, whose history dates back to 1778, added in a statement that its new owners will inject "significant" funding of £200 million (232 million euros, $261 million) into the struggling business.

Debenhams, which has 165 stores across Britain and some 25,000 staff, appointed administrators FTI Consulting who swiftly sold it to a newly incorporated company controlled by its secured lenders.

Department stores are among a string of major UK retailers who have fallen victim to fierce online competition, rising business property taxes and stretched household budgets, all while Brexit uncertainty grinds on.

Debenhams had declined a last-gasp takeover bid from tycoon Mike Ashley, who owns sportswear retailer Sports Direct and had purchased collapsed department store chain House of Fraser last year.

"It is disappointing to reach a conclusion that will result in no value for our equity holders," said Debenhams chairman Terry Duddy.

"However, this transaction will allow Debenhams to continue trading as normal; access the funding we need; and proceed with executing our turnaround plans, whilst deleveraging the group's balance sheet.

"We remain focused on protecting as many stores and jobs as possible, consistent with establishing a sustainable store portfolio in line with our previous guidance.

"Our customers, colleagues, pension holders, suppliers and landlords can be reassured that Debenhams will now be able to move forward on a stable footing."

The so-called pre-packaged administration deal wipes out the stakes held by all shareholders including Ashley.

The deal also axes plans for an emergency shareholder meeting in which Ashley was to seek his appointment to the board and oust most other directors.

Long-established UK retailers are battling sliding consumer sentiment and Brexit uncertainty alongside the faltering economy.

They also face fierce competition from the likes of online US titan Amazon.

The last 18 months has seen the demise of clothing outlet Calvetron, music retailer HMV, the Toys 'R' Us toy chain, Maplin electronics stores and discount store Poundworld. – Rappler.com</s>Debenhams is expected to close 50 of its 165 stores as the retailer has officially gone into administration, it has been announced.

The chain has made the announcement after reportedly rejecting plans by Sports Direct's Mike Ashely to save it.

FTI Consulting has now been appointed as administrators for the chain, whose shops will continue trading for now, the Mirror reports.

No timescale has been announced yet on the closures, the chain has said.

Debenhams’ chairman Terry Duddy said: “It is disappointing to reach a conclusion that will result in no value for our equity holders. "

He added that the move allows Debenhams to continue trading as normal for now but no details are yet available on whether stores in Bath or Taunton will face the axe.

"We remain focused on protecting as many stores and jobs as possible, consistent with establishing a sustainable store portfolio in line with our previous guidance," he said.

“In the meantime, our customers, colleagues, pension holders, suppliers and landlords can be reassured that Debenhams will now be able to move forward on a stable footing. I would like to thank them all for their recent and continuing support.”

As well as planning closures, the chain - which employs about 25,000 people - has been renegotiating rents with landlords.

Its lenders are made up of High Street banks and US hedge funds including Barclays and Bank of Ireland, as well as Silver Point and GoldenTree.

It has not released a list of which shops may be shut.

Debenhams suspended trading in its shares at 8am this morning after rejecting a last-gasp effort from Sports Direct to snatch it from the jaws of administration.

Ashley's Sports Direct had made a revised £200 million rescue offer for Debenhams, in an attempt to delay the department store's likely administration.

The offer involved underwriting a rights issue which would see existing investors buying newly issued shares and is an advance on an £150 million plan tabled on Monday, which was rejected.

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Find our Bath Facebook page here or Somerset's can be found here .

Alternatively, follow us on Twitter - @BathLive and @SomersetLive .</s>Debenhams has officially gone into administration and 50 stores are expected to close over the next few years.

FTI Consulting has been appointed as administrators for the chain, The Mirror reports.

For now, the 165 Debenhams department stores will stay open, although the company has already revealed plans to close around 50 of those branches over the next three to five years.

Bosses also hope to renegotiate rent at some of the other struggling stores.

This development comes as Debenhams has rejected a £150m offer from retail tycoon Mike Ashley, who owns Sports Direct.

Mike Ashley, who owns a 30 per cent stake in Debenhams, has been trying to pump money into the department store chain but had also asked to become chief executive of the brand.

Debenhams rejected his offer and suspended its shares early on Tuesday.

These new measures are part of a pre-pack administration process which it’s hoped will keep the company afloat and keep as many stores open as possible.

Debenhams’ chairman Terry Duddy said: “It is disappointing to reach a conclusion that will result in no value for our equity holders. "

"We remain focused on protecting as many stores and jobs as possible, consistent with establishing a sustainable store portfolio in line with our previous guidance," he said.

“In the meantime, our customers, colleagues, pension holders, suppliers and landlords can be reassured that Debenhams will now be able to move forward on a stable footing. I would like to thank them all for their recent and continuing support.”

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Debenhams has been struggling financially for a while and has debts of around £640m.

There are 165 Debenhams store in the country, including several in Essex with branches in Chelmsford, Southend, Romford, Basildon and Lakeside.

Debenhams has not revealed which stores are at risk of closure.

The company currently employs around 25,000 people in the UK.

To receive one WhatsApp message a day with the main headlines, as well as breaking news alerts, text NEWS to 07557 893797. Then add the number to your phone contacts book as 'Essex Live'.

Your phone number won't be shared with other members of the group.</s>Department store chain Debenhams has tumbled into administration and the retailer’s lenders have seized control of the company.

A stock market announcement has revealed that FTI Consulting has been appointed to carry out the process – but the firm insisted that stores will continue to trade as normal.

Administrators immediately sold the group to a newly-incorporated company controlled by Debenhams’ lenders, including hedge funds thought to include Alcentra, Angelo Gordon and Silver Point Capital.

Under new ownership, Debenhams will have access to £200m in emergency funding – but a restructure is planned which is expected to lead to 50 store closures and job losses, as part of a Company Voluntary Arrangement.

The firm said the transaction delivers continuity for all group operations and was in the best interests of the group’s creditors, employees, customers, pension holders and suppliers.

Shareholders, however – including Mike Ashley who owns just under 30% – are likely to be lefy empty-handed.

In the market note, Debenhams said: “The recovery, if any, to the plc’s shareholders will depend upon the outcome of the sale process which must see full repayment of the Group’s debt. At this stage we do not expect that there will be a distribution to the plc’s shareholders.”

Trading in the shares of the plc has been suspended since 8am this morning and will be cancelled with effect from 8am tomorrow, April 10.

The announcement comes hours after a second, revised offer from Mike Ashley’s Sports Direct, to underwrite a £200m rescue bid, was knocked back by the ailing chain, which has stores in Newcastle, Gateshead, Sunderland, Stockton and Middlesbrough.

The market note said: “While Sports Direct International has made a number of highly conditional proposals, each of which was fully considered by the plc board, none were deemed deliverable given conditionality, timing and other stakeholder obligations and considerations. As these milestones in the New Money Facilities were not met, the Administrators were appointed.

“The administrators concluded that the transaction was in the best interests of the plc’s creditors.

“Furthermore, it minimises business disruption and provides ongoing access to funding, ensuring continuity for the Group’s operating businesses, lenders, suppliers, employees, pension holders and customers.”

Debenhams said its has undertaken a thorough review of its store estate and plans to proceed with a restructuring of the estate, which, “if approved will result in a significant overall reduction in the Group’s rent burden and underpin a sustainable future for the group.”

Terry Duddy, Debenhams’ chairman, said: “It is disappointing to reach a conclusion that will result in no value for our equity holders. However, this Transaction will allow Debenhams to continue trading as normal; access the funding we need; and proceed with executing our turnaround plans, whilst deleveraging the Group’s balance sheet. We remain focused on protecting as many stores and jobs as possible, consistent with establishing a sustainable store portfolio in line with our previous guidance.

“In the meantime, our customers, colleagues, pension holders, suppliers and landlords can be reassured that Debenhams will now be able to move forward on a stable footing. I would like to thank them all for their recent and continuing support.”</s>Jobs could be at risk at Debenhams after the department store chain announced it had entered administration.

Debenhams announced earlier this year that it is expected to close 50 of its 165 stores in the future but no timescale has been announced yet.

Sports Direct owner Mike Ashley had made a last-gasp bid to buy Debenhams but his offer was rejected and, on Tuesday, the store announced it had entered into a pre-pack administration after it was taken over by its lenders.

Terry Duddy, chairman at Debenhams, said: “It is disappointing to reach a conclusion that will result in no value for our equity holders.

"We remain focused on protecting as many stores and jobs as possible, consistent with establishing a sustainable store portfolio in line with our previous guidance.

“In the meantime, our customers, colleagues, pension holders, suppliers and landlords can be reassured that Debenhams will now be able to move forward on a stable footing.

“I would like to thank them all for their recent and continuing support.”

The chain employs around 25,000 people around the country. While no stores will immediately close, it is expected that 50 will shut their doors in the future.

As well as planning closures, the chain has been renegotiating rents with landlords.

Its lenders are made up of High Street banks and US hedge funds including Barclays and Bank of Ireland, as well as Silver Point and GoldenTree.

Debenhams has a store in Ferensway, Hull, and at Flemingate Shopping Centre in Beverley.

What happens now?

A pre-pack administration is when a company opts to sell all, or part of, its assets without affecting the operation of the business.

Administrators take control of the running of the business, in a bid to protect creditors and shareholders.

Watch: What happens when a business goes into administration?

Debenhams announced earlier this year that 50 stores had been earmarked for closure.

Details of affected stores have not been revealed. No stores are expected to close immediately.

It is understood stores earmarked to go would continue trading as usual until at least the end of 2019.

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Follow us on Instagram - On the Hull Live Instagram page we share gorgeous pictures of our stunning city - and if you tag us in your posts, we could repost your picture on our page! We also put the latest news in our Instagram Stories. Click here to follow Hull Live on Instagram .</s>Britain's biggest department store Debenhams has gone into administration - leaving 25,000 workers fearing for their jobs, and many high streets at risk of losing a major outlet.

The company was handed over to administrators FTI Consulting on Tuesday morning - who will now reevaluate its assets, debts and make cuts to save the ailing business from collapse.

Despite going into administration, it will continue to trade - with gift cards still valid across stores and online.

As it currently stands, Debenhams has 166 stores in the UK - it employs thousands of workers across its branches, head office and warehouses.

However, about 50 branches have been earmarked for closure in the future. These were originally announced in October and planned for the next three to five years, a dozen are expected to close next year.

Not all branches are at risk though - consultants will first focus on renegotiating rents with landlords to before making any drastic closures.

Debenhams chairman Terry Duddy said: "We remain focused on protecting as many stores and jobs as possible, consistent with establishing a sustainable store portfolio in line with our previous guidance.

"In the meantime, our customers, colleagues, pension holders, suppliers and landlords can be reassured that Debenhams will now be able to move forward on a stable footing."

A spokesman for the company's pension schemes said the schemes had been transferred to the newly incorporated company. "Members can therefore be reassured that the schemes are carrying on as usual."

The chain's lenders - made up of high street banks and US hedge funds - have now taken control of it and will look to sell the business on, while shareholders will lose their investments.

Even Mike Ashley's near-30% stake in the company, which cost about £150million to build up, has been wiped out.

Current owners include Barclays and Bank of Ireland, as well as Silver Point and GoldenTree.

Towards the end of 2018, Debenhams announced it was increasing its store closure plans from 10 to 50.

On Tuesday, it confirmed the same 50 are earmarked for closure - but could not clarify where these would be or when they'd close.

It is estimated the cuts will affect around 4,000 jobs. The first wave of closures, thought to be 12, are expected to happen next year.

Speaking to Mirror Money in October, a Debenhams spokeswoman told us the closures are part of a three to five year plan that will re-shape the 240-year-old chain.

Of all 166 in the UK, 50 of stores that "could be the least profiting" over the next five years are the ones at risk - these make up less than 15% of the chain's overall annual profits.

A spokeswoman added that there are various types of stores that could be classed as safer than others.

It said that the most at risk Debenhams branches will be the smaller ones that tend to bring in the least takings.

Speaking about the ones most likely to stay, it named the five stores that have undergone extensive redevelopment or have opened very recently, such as a newly opened gin bar branch.

Its five flagship stores - which tend to account for the most sales - are also likely to go untouched.

2 of the 50 Debenhams stores that closed in 2018

When will the Debenhams closures happen?

A Debenhams spokeswoman previously told Mirror Money the closures will take place over the next three to five years, however this could be accelerated by it going into administration.

It's expected that the business will assess underperforming stores first, and where possible, attempt to lower rent prices before making any changes.

A spokeswoman told the Mirror any cuts would be communicated to employees before going public.

The first wave of closures, thought to be 12, are not expected happen until early next year.</s>While many stores have opted to close their doors on Thanksgiving, there are still plenty who either are open for most of the day, or open later in preparation for Black Friday.

Good Housekeeping has created a list of stores that are staying open on Thursday. You can also see a list of stores that will be closed for the holiday , as well as where to head and when for Black Friday on our website.

Stores that will be open on Thursday include:

Best Buy: Many stores will open at 5 p.m. on Thursday , and close at 1 a.m. The stores will then reopen on Black Friday at 8 a.m.

Big Lots: Customers will be able to shop all day on Thanksgiving. The stores will open at 7 a.m. and close at midnight on Thursday. Black Friday will start at 6 a.m. and go until 11 p.m., with the store having the same hours on Saturday.

Dick's Sporting Goods: The sports supply store will have a short turnaround time this weekend . Most stores will open at 6 p.m. on Thursday and close at 2 a.m. on Friday morning. Stores are then expected to reopen at 5 a.m. on Friday morning and stay open until 10 p.m.

Dollar General: Stores are expected to open at 7 a.m. on Thursday and close at 10 p.m. Friday the stores will have regular hours.

Five Below: This chain is also opening its stores later on the holiday. The stores are expected to open at 6 p.m. and stay open until 1 a.m. on Black Friday.

J.C. Penney: The department store is scheduled to open its doors nationwide at 2 p.m. on Thursday and stay open until 10 p.m.

Kmart: Stores are expected to open at 6 a.m. on Thursday and close at midnight, though some may stay open into Black Friday.

Kohl's: Shoppers will be able to start their Black Friday shopping at 5 p.m. at most stores.

Macy's: After the Thanksgiving parade is done in New York, most New Jersey stores will be open from 5 p.m. until 2 a.m. on Thursday, and then reopening at 6 a.m. on Black Friday.

Michael's: If you're looking for a craft to do after the Thanksgiving meal, Michael's will be opening at 6 p.m. on Thanksgiving day for all your crafting needs.

Old Navy: The clothing store is expected to open most of its stores at 3 p.m. on Thursday, and stay open until 10 p.m.

Sears: It seems almost unthinkable that this could be Sears' last holiday season, but even if the end is near for the struggling company it is expecting to open its stores at 6 p.m. on Thursday and stay open until midnight.

Target: Another of the late openers, Target is planning to open its doors at 5 p.m. on Thursday and stay open until 1 a.m. Many stores will then reopen at 7 a.m. on Friday and stay open until 11 p.m. Saturday stores will open at 8 a.m. and stay open until midnight

Walmart: Right along with Target, Walmart is usually one of the busiest stores when it comes to Thanksgiving/Black Friday shopping. This year the box store is expecting to open its doors at 6 p.m. on Thursday night. The Walmart app also offers an interactive map to find where all the best sales will be on Thursday and Friday.

Some local stores might have different hours than the national chains so customers are encouraged to check for times before heading out on a holiday shopping adventure that could come to a stop at a dead end.

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Debenhams, one of the largest department stores in the United Kingdom which employs 25,000 people, collapses into administration.