Troubled retailer Debenhams are in advanced talks to borrow £150m in a bid to stay afloat, days after Sports Direct owner Mike Ashley said he wants to seize control of the company.
Debenhams are struggling with a £500m plus mountain of debt which they are trying to refinance, with debt equity swap or rights issues.
The company are planning to close 50 stores, possibly through a Company Voluntary Arrangement (CVA).
Ashley tabled a proposal on Thursday last week to remove “all of the current members of the Debenhams board,” other than finance chief Rachel Osborne.
Days earlier the retailer announced their latest profit warning, over trading headwinds are hitting the company hard.
Early morning trading saw company shares up 2% at 3.63p.