A Debenhams shop in Oxford Street, central London. Picture: AFP/TOLGA AKMENDebenhams’ lenders took control of the ailing British retailer on Tuesday after it went into administration, wiping out shareholders including billionaire Mike Ashley in the latest corporate failure on the high street.
While its stores will keep trading, the appointment of administrators marks the latest corporate failure in the British retail sector after House of Fraser, electronics firm Maplin and cycle shop Evans all struggled to stay afloat. The announcement marks defeat for the retail billionaire Ashley, who has spent months battling to wrest control of the business, offering a rescue plan that came with the condition he was appointed CEO.
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