Sports Direct has offered Debenhams a £40 million loan, according to a letter from Mike Ashley published by the Daily Telegraph.
Debenhams has confirmed that the letter is authentic, but has declined the loan.
A spokesperson for Debenhams said, “We welcome Sports Direct’s proposal as a clear demonstration of their willingness to support the company,”
“However, as the offer came with conditions that could affect the interests of other stakeholders, while the board does not think it could accept the proposal, as presented, it has invited Sports Direct to engage as part of our broader refinancing process.”
Debenhams said in October that it would close up to 50 underperforming stores, putting around 4,000 jobs at risk.
