Sports Direct's High Street Takeover Takes Bizarre Lie Detector Twist

The future of a host of Kent stores hangs in the balance

The future of a host of Kent stores hangs in the balance

The struggling giant has been locked in talks over recent weeks with Sports Direct over a rescue package which would see Mike Ashley installed as Debenhams' CEO and £150m pumped into the ailing firm's coffers.

Street in Arc leading up to Debenhams.

If neither is fulfilled by Monday evening, the retailer is likely to go into a pre-pack administration, wiping out Sports Direct's stake and all other shareholders. "Ashley accused the Debenhams bosses of acting out a "sustained programme of falsehoods and denials" in their attempts to keep him out of their boardroom and executive bathrooms, adding that ".misrepresentations were made to induce Sports Direct into signing a non-disclosure agreement, locking them out of any ability to trade in the bonds or equity of Debenhams".

The company said that Ashley had taken his own lie detector test, after the two companies clashed about events in a meeting, and said: "Mike Ashley's score for example was so significantly high as to be considered rare in comparison to others".

The tycoon made the challenge after commissioning his own lie detector test to prove he was telling the truth about the details of a meeting with the retailer's board members.

New Details Revealed About The Moment Nipsey Hussle Was Shot & Killed
Grand: Meanwhile, Nipsey's memorial service will take place at the Staples Center in Los Angeles . On Thursday, Holder entered a plea of not guilty in court.

Mr Ashley has a near-30pc stake in the department store but faces wipeout if the department store presses ahead with a £200m (€232m) refinancing plan announced in March.

Under the proposal, £101 million is to be drawn down immediately to allow restructuring, which will include store closures and rent reductions.

Ashley has until close of business today to make an offer for Debenhams.

When it set the deadline, Debenhams' board stipulated that Sports Direct must either launch a fully-funded bid, with facility to provide working capital and pay off its existing debts, or agree to underwrite a rights issue on terms agreeable to its lenders.

In a letter to the Debenhams board dated April 5, Sports Direct said it would be willing to underwrite the group with 150 million pounds in cash if Ashley was named as CEO, the FT said.

Recommended News

  • Merkel: Germany stands with Ireland on Brexit

    Merkel: Germany stands with Ireland on Brexit

    "For 34 years I lived behind the Iron Curtain, so I know only too well what it means once borders vanish, once walls fall". Senior officials were also briefing that checks on animals and food produce, including milk, will have to take place.
    Sarri wants Kovacic to stay at Chelsea

    Sarri wants Kovacic to stay at Chelsea

    The midfielder has made 42 appearances across all competitions including 28 in the Premier League , 19 of which have been starts. The striker also said that he's hoping to de enough to convince Maurizio Sarri to sign him in the summer.
    Khalilzad 'Appreciates' Pakistan's Efforts For Afghan Peace

    Khalilzad 'Appreciates' Pakistan's Efforts For Afghan Peace

    A meeting between his team and a Taliban delegation was expected in Doha around the weekend, but apparently that has been delayed. The premier also said he had canceled a scheduled meeting with Taliban leaders because of objections by the Afghan government.
  • OnePlus 6T McLaren Edition back in stock in India

    OnePlus 6T McLaren Edition back in stock in India

    Major highlights of the special edition are Warp Charge 30 technology, Qualcomm Snapdragon 845 processor and 10GB of RAM. On the camera front, OnePlus 6T McLaren edition boasts of a 16-megapixel front camera with f/2.0 aperture for selfies.
    UK Conservatives slam Theresa May's cross-party Brexit talks

    UK Conservatives slam Theresa May's cross-party Brexit talks

    Britain's Prime Minister Theresa May and her husband Philip leave church, as Brexit turmoil continues, near High Wycombe, Britain April 7, 2019.
    India to have 100 satellites in space by 2025

    India to have 100 satellites in space by 2025

    James Bridenstine, NASA Administrator said that more awareness is needed in the field of space matters and debris tracking. Some 150 scientists worked round-the-clock and some 2,000 components were sourced from 50 private industries.
  • Cain, Moore nominations for Federal Reserve seats on track: Kudlow

    Cain, Moore nominations for Federal Reserve seats on track: Kudlow

    If nominated and approved, Moore and Cain would fill the two remaining vacancies on the Fed's seven-member board. Mr Trump is banking on a strong economy as a chief selling point when he runs for re-election next year.
    Michael Jackson's family release their own documentary

    Michael Jackson's family release their own documentary

    Robson is appealing the dismissal of a lawsuit that claimed MJ abused him for years when he was a child. He's saying that my uncle kept him from women, which is not true.
    Trump's security chief quits amid tensions over his border crackdown

    Trump's security chief quits amid tensions over his border crackdown

    Nielsen, though, bristled at suggestions the children were being mistreated, or placed into what appeared to be "cages". As they toured a section of newly rebuilt barriers, Nielsen was at Trump's side, introducing him to local officials.
  • Next-generation iPhone XS could get an even bigger display

    Next-generation iPhone XS could get an even bigger display

    The 2019 iPhone 11 lineup featuring a triple camera setup will also be thinner than their 2018 iPhone counterpart. Apple will include the new "A-series" chip, and the phones are also rumoured to come with bigger batteries.
    Aerodata Computer Glitch Causes Flight Delays For Several Airlines

    Aerodata Computer Glitch Causes Flight Delays For Several Airlines

    There was a system-wide outage this morning, Thank you for your patience", Alaska tweeted to one frustrated customer. Make sure to check with your airline before heading to the airport to check the status of your flight.
    Beyonce's 'Homecoming' on Netflix - Watch the Trailer!

    Beyonce's 'Homecoming' on Netflix - Watch the Trailer!

    Just check out the New York Times quote: "Rich with history, potently political, visually grand..." It's Beyonce , it's stunning, it demands your attention right now .

We are pleased to provide this opportunity to share information, experiences and observations about what's in the news.
Some of the comments may be reprinted elsewhere in the site or in the newspaper.
Thank you for taking the time to offer your thoughts.