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Article Date: April 2019
Word Count: 137

Sports Direct Loses Debenhams as Banks Force Bankruptcy

Mike Ashley lost out on his bid to become CEO of the troubled UK department store chain, as its lenders forced it into a form of bankruptcy called pre-packaged administration, in which shareholders are wiped out and the company can be sold to pay lenders. SPD had upped its offer to £200 million from the £150 million that Debenhams board had rejected, but the lenders evidently had had enough. ... Log in to view full article.


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