Debenhams' lenders took control of the ailing retailer on Tuesday after it ...
LONDON - Debenhams’ lenders took control of the ailing retailer on Tuesday after it went into administration, wiping out shareholders including billionaire Mike Ashley in the latest corporate failure on Britain’s high street.
Ashley, the owner of Newcastle United who has poached on a number of other struggling chains, had spent tens of millions of pounds building up a 30 percent stake over several years. Administrators from FTI Consulting immediately sold Debenhams’ holding company to a new entity owned by its lenders. Contracts with stores, staff and suppliers were held by its operating companies and will not be affected, it said.
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