Sports Direct has issued a retort to Debenhams’ announcement that Sports Direct should now make a bid to buy the department store chain and is now asking other shareholders to firmly reject Debenhams planned refinancing package. In a statement, Sports Direct has said: “Sports Direct has been contacted by a number of other shareholders in Debenhams plc regarding the protection of Debenhams shareholders’ interests and expressing their support for the appointment of Mr Mike Ashley as Debenhams CEO.”
Sports Direct deputy finance director Chris Wootton said: “Debenhams shareholders, both major and minority, are sick and tired of being ignored, cast aside and trampled underfoot by the lenders of Debenhams who, through incompetence, or worse collusion of the board, are allowing these critical stakeholders in the business to be wiped out. We reiterate our prior comments that we will leave no stone unturned in pursuing those responsible for this long-planned theft.”
Sports Direct has provided a template for a letter for shareholders to use to communicate their concerns. All current shareholders stand to lose their (not inconsiderable) investments if Debenhams agrees a re-financing package.
It is understood that Sports Direct has until April 22nd to announce a firm intention to make a takeover bid, or not.
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