Debenhams UK taken over by its lenders


Lenders to Debenhams said the final proposal, on the terms set out, was "not sufficient".

Debenhams later requested its shares be suspended with immediate effect pending a further update.

This morning, the company turned down a £200million offer by Sports Direct's Mike Ashley, on the condition he became CEO.

George Charles from money-saving website said the high street had taken a "massive hit" from Debenhams' going into administration.

Over the weekend, Sports Direct issued a statement accusing the Debenhams board of a "sustained programme of falsehood and denials" and calling for directors to take lie detector tests following a disputed meeting.

The rejection of the rescue package means Debenhams is likely to go into pre-pack administration.

Although its 166 stores will initially continue to trade, around 50 branches were previously earmarked for closure.

BJP MLA, 4 policemen die in naxal attack
Bastar is considered the Bharatiya Janata Party's bastion as the party has been winning the seat since 1999 with massive margins. My tributes to the security personnel who were martyred. "Strongly condemn the Maoist attack in Chhattisgarh ".

Alexandria Ocasio-Cortez unmasked the ugly classism lurking inside the Republican Party
There is nothing wrong with being a working person in the United States of America, and there is everything dignified about it". It's an aspect of her past that President Donald Trump has routinely used to diminish her credibility.

United Kingdom parliament approves Brexit law forcing May to consult on delay
As a last resort, May has even started cross-party talks with Labour leader Jeremy Corbyn, but there have been no results so far. The two leaders shook hands for photographers as she arrived, but didn't make any comment.

The chain, which has stores in Norwich, King's Lynn and Great Yarmouth, chose to hand itself over to lenders instead of accepting a rescue deal from Sports Direct owner Mike Ashley.

In February, it was revealed that the shutting of 20 of those stores could be brought forward if the department store chain took out a company voluntary arrangement (CVA).

He added: "Whilst these hedge funds look to close a significant number of stores and put thousands of people out of work, as politicians and regulators look on, 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".

Today, chairman Terry Durry called the situation "disappointing" but 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".

But they said an existing plan to close 50 underperforming stores and demand rent cuts was "critical" to its survival.

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.

The administration comes after a battle between Mr Ashley and the Debenhams board over the future of the 240-year-old company.


  • The Browns 2019 preseason opponents are now revealed

    The Browns 2019 preseason opponents are now revealed

    The Chiefs haven't been home for a Week 3 preseason game, in which the starters play most of the game, since 2015. Atlanta opened preseason play previous year at MetLife Stadium in East Rutherford, N.J., and were shut out 17-0.
    Attorney General Barr Says Mueller Report to Made Public 'Within the Week'

    Attorney General Barr Says Mueller Report to Made Public 'Within the Week'

    The redactions will be color-coded and accompanied by notes explaining the decision to withhold information, he said. Barr wrote that Mueller had not concluded that Trump's campaign engaged in a criminal conspiracy with Moscow.
    In a broadside against Airbus, U.S. pursues aircraft tariffs

    In a broadside against Airbus, U.S. pursues aircraft tariffs

    President Donald Trump reiterated the intent with a tweet Tuesday morning, claiming the European Union took advantage of the U.S.
  • USA  blacklisting of Iran's Revolutionary Guard 'vicious move'

    USA blacklisting of Iran's Revolutionary Guard 'vicious move'

    Within hours of the Trump administration's declaration, Iran's Supreme National Security Council responded by designating the U.S. Central Command , also known as CENTCOM, and all its forces as terrorist, and labeling the U.S. a "supporter of terrorism".
    Microsoft is going to address a big problem with new release

    Microsoft is going to address a big problem with new release

    The company further has announced that Microsoft would stop providing security patches for Windows devices from December 2019. Once the May 2019 Update downloads and installs on your device, it's recommended to remove the device from the program.
    Amazon plans to launch 3236 satellites for global internet connectivity

    Amazon plans to launch 3236 satellites for global internet connectivity

    According to FCC documents, Starlink will become operational after at least 800 satellites are deployed on Earth's orbit. Badyal previously ran the satellite network division at SpaceX, which launched its first two test satellites past year .
  • Rapper Boosie Badazz facing drug, gun charges in Georgia

    Rapper Boosie Badazz facing drug, gun charges in Georgia

    Hatch was arrested and placed in the back of a police auto while the passenger, identified as Allen, stayed inside the Charger. According to online court records, the rapper and former NY Jets defensive back are now being held in the Coweta County Jail.
    American Airlines extends B737 Max cancellations until June 9 April  2019

    American Airlines extends B737 Max cancellations until June 9 April 2019

    The Max came under scrutiny following two crashes in the span of about five months involving Lion Air and Ethiopian Airlines. Employees walk by the end of a 737 Max aircraft at the Boeing factory in Renton, Washington , U.S., March 27, 2019.

    New York City declares public health emergency amid growing measles outbreak

    As skepticism over vaccines has increased in recent years, the number of cases of preventable diseases has spiked accordingly. A judge has lifted Rockland County, N.Y.'s emergency declaration keeping unvaccinated minors out of public places.
  • NYC orders mandatory vaccines for some amid measles outbreak

    In March. a county in NY state declared a state of emergency following a measles outbreak . "This is a public health emergency". We have the tools available now because of this emergency order to fine - and fine very substantially.
    Shahid Kapoor, Kiara Advani spotted in Bandra

    Shahid Kapoor, Kiara Advani spotted in Bandra

    Check out the teaser here: Shahid began working on the film from past year . Shahid replied to Vijay while addressing him as brother. The much-awaited teaser of Kabir Singh is finally out.
    Three Things We Learnt From Watching Manchester City Beat Cardiff

    Three Things We Learnt From Watching Manchester City Beat Cardiff

    Ronaldo loves this competition and as we saw with his hat-trick against Atletico Madrid, always turns up for the big occasions. City should have wrapped up the win when Raheem Sterling volleyed straight at Ryan in added time following a swift breakaway.


Latest news

Maple Leafs vs. Canadiens Prediction: NHL Betting Odds
The Maple Leafs have made the most notable additions on paper since last season, adding John Tavares and Jake Muzzin into the mix. The Boston Bruins are evidently the bigger and more physical of the two teams, and they must take advantage of that.

Mnuchin says he’ll ‘follow the law’ on Trump tax returns
Democrats have demanded Trump release his tax returns for years, starting when he was a presidential candidate in 2015. He routinely says - as he did Friday - that he's under routine audit and therefore won't release his returns.

Japanese fighter jet disappears over Pacific
Japan selected the F-35A as the JASDF's next-generation fighter aircraft in December 2011 with an initial order for 42 F-35As. Lockheed Martin said in a statement that it was standing by to support the Japanese Air Self Defence Force as needed.

American Madison Keys overpowers Caroline Wozniacki to win Volvo Car Open
It had been a disappointing stretch for Keys, whose best showing so far was reaching the round of 16 at the Australian Open. She has more experience in comparison to Keys and it is quite evident that she has put her recent loss of form behind.

Gerard Pique: Man Utd are still the biggest team in England
Barca have won the Champions League four times since 2006 but have fallen at the quarterfinal stage in each of the last three seasons.

Packers’ Aaron Rodgers reveals he had a major knee injury last season
Drag a HOF QB's name thru the mud behind something you have zero clue about", Adams wrote in a tweet . "'I'm excited about Matt". In the in-depth, well-reported, and heavily sourced story, neither McCarthy nor Rodgers came across well . "We have had issues".

Virginia wins its first NCAA men's basketball national title
Virginia had another nail biter in the Final Four, beating Auburn 63-62 on Kyle Guy's three free throws with 0.6 seconds left. And for a while, it was, until the Red Raiders' thunderous charge was halted by Virginia guard De'Andre Hunter .

BJP releases election manifesto, vows to strip Kashmiris of special rights
Surveys suggest the BJP is the front-runner going into the election, although some have said it could lose the clear majority it won five years ago.

German official demands Brexit progress as May discusses delay with Merkel
Macron appears open to extending the Brexit deadline if the United Kingdom abides to strict, clear conditions. The move came as the Government and Labour were holding talks on trying to break the Brexit deadlock.

Emilia Clarke: Game of Thrones star shares hospital pictures after brain aneurysms
Guess we'll have to wait until season eight of Game of Thrones premieres on Sunday, April 14, on HBO. The Game of Thrones actor suffered two life-threatening strokes while she was filming the show.

United States service members, 1 contractor killed in IED explosion near Bagram airbase
Five Afghan civilians were wounded in the wake of the attack, local officials told The Associated Press on Tuesday. The base in the Bagram district near where Slutman was killed serves as the main US air facility in the country.

Rwanda's Genocide Victims Remembered 25 Years Later
The brutal killing ended in July 1994, only after a Tutsi-led army swept from Uganda and took control of the country. Two thirds of Rwanda's population was born after the genocide. "Twenty-five years later, here we are", Kagame said .

Meghan Markle and Prince Harry's baby's gender accidentally revealed by Serena Williams?
However, sources close to the Duchess say her preference has not upset the royals and there are no signs of a rift between anyone. Samantha Markle, 54, also appears in the clip, claiming her half sister Meghan has "hurt the family".

Libya's UN-backed government calls airport airstrike a 'war crime'
Secretary of State Mike Pompeo made the latest worldwide appeal for talks to end the fighting. Mr Serraj has run Tripoli since 2016 as part of a UN-brokered deal boycotted by Mr Haftar.

Fiat Chrysler confirms paying Tesla for Carbon dioxide credits
In 2018, Tesla made $103.4 million by selling zero-emissions credits, and it made $279.7 million in 2017 doing the same thing. The agreement means FCA can count Tesla registrations in its overall sales, bringing down its average fleet emissions.

Other news