Mike Ashleys Sports Direct has fired off a legal challenge against Debenhams rescue restructure, which was approved by creditors last month.
The legal challenge is the latest blow by Ashley in his battle with the department store, which was taken over by a syndicate of banks and hedge funds it owed money. The deal thwarted an attempt by the Sports Direct boss to take control.
Sports Direct took part in the CVA vote as the retail group, which also owns the House of Fraser department store chain as well as a string of sports and fashion stores, was owed more than 500,000 by Debenhams at the time the CVA was tabled.
Debenhams plans to close at least 22 stores and force through rent cuts on many others under the restructure.
Read the full article at: https://www.theguardian.com/business/2019/jun/11/mike-ashley-starts-legal-challenge-to-debenhams-rescue-plan