Inactive Instrument

Debenhams Plc

GB00B126KH97

Debenhams : Ashley's Sports Direct drops plan to buy Debenhams

April 09, 2019 at 10:03 am EDT

(Reuters) - Billionaire Mike Ashley's Sports Direct said it did not intend to make an offer to buy Debenhams after lenders took control of the ailing retailer on Tuesday.

Sports Direct had until April 22 to make a firm offer for the retailer or walk away under British takeover rules.

Debenhams was locked in a long-running battle for control with its largest shareholder, Ashley's Sports Direct.

(Reporting by Noor Zainab Hussain in Bengaluru; Editing by Shailesh Kuber)

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Debenhams plc is a United Kingdom-based company, which is engaged in multi-channel business. The Company's brand trades through approximately 240 stores in 27 countries. The Company's segments are UK and International. The UK segment consists of stores in the United Kingdom and online sales to the United Kingdom addresses. The International segment consists of international franchise stores, the Company-owned stores in Denmark and the Republic of Ireland, and online sales to addresses outside the United Kingdom. The Company's stores trade under the name of Debenhams other than the Danish stores, which operate under the Magasin du Nord banner. Its stores offer customers a range of services, including restaurants and cafes, personal shopping assistance, hairdressing and beauty treatments, nail bars and wedding or celebration gift services. Its Debenhams Direct (www.debenhams.com) offers a range of products and services for online customers.

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Debenhams : Ashley's Sports Direct drops plan to buy Debenhams

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