369
Fashion Jobs
SHISEIDO
FP&A Manager (Korean Only)
Permanent · SEOUL
AESOP
Aesop Hanam Starfield - Retail Consultant
Permanent · HANAM-SI
ADIDAS
Senior Specialist, Buying & Trading, E-Commerce
Permanent · SEOUL
ADIDAS
Manager, Personalization & Apps, E-Commerce
Permanent · SEOUL
ADIDAS
Senior Manager, Legal Counsel, Legal
Permanent · SEOUL
HENKEL
Finance Business Controller For Shiseido Professional Brand
Permanent ·
L'OREAL GROUP
[l'Oreal Korea] Kiehl's - CRM & Trade Mkt sr. Specialist~Manager
Permanent · SEOUL
L'OREAL GROUP
[l'Oreal Korea] (jr.) Claim Substantiation Specialist - Corporate Regulatory Affairs
Permanent · SEOUL
L'OREAL GROUP
[l'Oreal Korea] (sr.) Product Manager - Kerastase Marketing Team, Ppd
Permanent · SEOUL
UNDER ARMOUR
Associate, HR Administration
Permanent · SEOUL
ARKET
Visual Merchandising Manager
Permanent · BUSAN
PUIG
Marketing Manager
Permanent · SEOUL
JAEGER
[Jaeger Lecoultre] Marketing & Communication Director
Permanent · SEOUL
ESTÉE LAUDER COMPANIES
Corporate Account Executive For Travel Retail Korea, Estee Lauder Companies
Permanent ·
ESTÉE LAUDER - BRAND
Assistant Education Manager, Estee Lauder
Permanent · SEOUL
L'OREAL GROUP
[l'Oreal Korea] Luxe Div. - Lancome E-Commerce Specialist
Permanent · SEOUL
COS
Instore Visual Merchandiser Manager_seoul/Gyeonggi
Permanent · SEOUL METROPOLITAN AREA
AESOP
Shinsegae Gwangju - Retail Consultant
Permanent · GWANGJU
COACH
Manager, Ecommerce
Permanent · SEOUL
ADIDAS
Manager, Business Planning & Analysis, Wholesales
Permanent · SEOUL
HENKEL
Adhesive Key Account Manager For Sports And Fashion Market
Permanent · BUSAN
HENKEL
Consumer Brands General Manager Assistant
Permanent ·
Published
Mar 14, 2019
Reading time
2 minutes
Download
Download the article
Print
Text size

Debenhams "gives careful consideration" to Sports Direct offer

Published
Mar 14, 2019

As the battle over who controls Debenhams (its current board, its lenders or major shareholder Mike Ashley via Sports Direct) intensifies, Debenhams has issued a reply to Ashley’s latest offer.


Debenhams



On Wednesday, Sports Direct had offered the retailer a £150m interest-free loan on condition that it could have an extra 5% equity stake in the firm. That would have pushed it well over the 30% threshold at which it should make a full bid for Debenhams, but a special agreement could be used to avoid that having to happen.

Debenhams has clearly shown in the past that it doesn’t want to hand Ashley and more say over its future than he has at present and while its reply to his offer was understated and in no way a rejection, it certainly didn’t offer any hint that the board has moved any closer to welcoming Ashley’s involvement.

“Debenhams acknowledges Sports Direct's statement issued at 6.30pm last night and confirms receipt of its proposal to provide a £150m, unsecured 12 month term loan to the company, subject to certain conditions,” it said.

“Any third party loan offer on these terms would require both the consent of our RCF Lenders and Noteholders and material amendments to existing facilities. Nevertheless, the board will "give careful consideration to the proposal and will engage with Sports Direct and other stakeholders regarding its feasibility in the interests of all parties.”

It’s obvious that Ashley isn’t going to give up his goal of taking a more active role in Debenhams’ turnaround process but that the retailer’s executive team isn’t going to welcome him with open arms. In the end though, as today’s statement makes clear, the firm’s other shareholders and its lenders are the ones who will be in the driving seat around what eventually happens, rather than Debenhams’ beleaguered chairman and CEO.

Copyright © 2024 FashionNetwork.com All rights reserved.