Mike Ashley, the billionaire who owns Sports Direct and Frasers Group, has made a fresh bid for the ailing retailer Debenhams.
The retail legend has, reportedly, submitted an improved offer as the auction conducted by Lazard reaches its final stages.
Mike Ashley had earlier held nearly 30 per cent of Debenhams and lost about US $ 150 million after the retailer was taken over by its lenders in 2019.
Here it is imperative to state that the retailer collapsed into administration for the second time back in April 2020 after the lenders took complete control of the business.
Mike Ashley’s efforts to be the chief executive at Debenhams have so far not yielded successful results, which also included the retailer, reportedly, playing an important role in ousting CEO and Chairman Ian Cheshire from Debenhams board.
And now with India’s richest man Mukesh Ambani also withdrawing from the race to take over Debenhams, it could just get a tad bit easier for Mike to acquire the retailer.
Also Read: Indian retail stalwart Mukesh Ambani is no longer interested in Debenhams
Reportedly, Mike is considering opening Sports Direct concessions in its stores and also converting some of these into outlets for Frasers Group.
Watch this space for more details!
