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Debenhams declined to comment. Its shares were down 10 percent at 1.8 pence. Despite its long history, Debenhams has been battling for survival after a consumer shift online and to cheaper outlets destroyed 90 percent of its share value in the past year. The company, which had 19 million customers and 2.9 billion pounds in sales last year, has said it needs to refinance its balance sheet and restructure the business to make it more sustainable. It plans to close about 50 underperforming stores, putting about 4,000 jobs at risk.
With a deadline looming that would give the lenders full control of Debenhams, Ashley has stepped up efforts to beat them to it, Owning 30 percent of the group, he has already forced the chairman out of the company and the CEO off the board, As well as the underwritten rights issue, Sports Direct said it is still considering its options regarding the 61 million pound takeover offer it made at the end of March, It has until April 22 to make a firm offer or gold and onyx cufflinks and studs walk away, However, a source familiar with the situation said that there is a lack of trust between the two sides, with Debenhams fearing that Ashley could renege on his investment offer after he takes control..
If no solution can be found, Debenhams will fall into the hands of its lenders at the close of business of Monday. It is then likely to be put in a so-called pre-pack administration that enables stores to keep operating while its lenders restructure the operations and seek to cut rents. “Ashley becoming CEO is a major sticking point for the lenders; there is a major trust deficit here,” the source said, declining to be named because the talks are private. For its part, Sports Direct said Debenhams and its advisers had undertaken a “sustained program of falsehoods and denials” and called on board members Terry Duddy and David Adams to take a lie detector test.
The company added that Ashley had taken his own lie detector test, after the companies clashed in a meeting, and said: “Mike Ashley’s score, for example, was so significantly high as to be considered rare in comparison to others”, Laith Khalaf, a senior analyst at Hargreaves Lansdown, said the strings attached to Ashley’s offer looked too much for the lenders to swallow, “In theory, a deal could be struck, but relations seem far from cordial gold and onyx cufflinks and studs and the Debenhams management look set on giving the lenders control,” he said..
Ashley, who also owns Premier League soccer club Newcastle United, made his fortune from building retailer Sports Direct into a dominant presence on Britain’s shopping streets and online. The 54-year-old businessman said in March that he was willing to step down as CEO of Sports Direct if he could take an executive position at Debenhams. In recent years he has pounced on other weak retailers, including department store chain House of Fraser, and analysts have speculated that he could put the two together and could also use Debenhams’ excess store space to sell brands he already owns.
(Reuters) - Shares of General Electric Co fell more than 7 percent on Monday after J.P, Morgan’s Stephen Tusa, a top-rated analyst, downgraded the stock and further cut his price gold and onyx cufflinks and studs target to a Street-low of $5, Tusa, a long-time bear on the stock, cited significant liabilities and little free cash flow to support the company’s ongoing reset and cut his rating to “underweight” from “neutral”, an about-turn from an upgrade in December, “Investors are underestimating severity of challenges and underlying risks at GE and overestimating value of small positives,” Tusa wrote in a note..
Tusa said investors are “significantly over projecting” the bounce in free cash flow and sees weakness in the company’s power and renewables unit. Listing the challenges faced by the industrial conglomerate, Tusa said GE Capital Services unit is likely to consume cash for the foreseeable future, with aviation fundamentals weaker than what meets the eye. GE could lose as much as $2 billion in cash from its industrial businesses in 2019, Chief Executive Officer Larry Culp said in March, setting conservative profit targets for the year.
He called 2019 a “reset gold and onyx cufflinks and studs year” and said though there was short-term pain for the company, free cash flow at GE Power would turn positive in 2021, Culp has an uphill task of placating investors who have dumped the stock as the company racked up staggering losses of more than $30 billion over the last two years and cut its dividend to near zero, Analysts at research firm Gordon Haskett expect the company to report a negative cash flow of $2.4 billion to $2.5 billion for the first quarter..