Mike Ashley is calling for the Debenhams board to be replaced and for a seat at the top table plus an executive role. If he gets his way, he'll step down from running Sports Direct to focus on the department store chain.
Debenhams has secured a temporary cash injection to tide it over while talks go on and it also has a new own-brand sourcing deal with Li & Fung that should help it respond faster to trends with better quality product.
There was a huge upset at Debenhams on Thursday as a major shareholder lost patience with its top two execs. The result is that its chairman stepped down after the AGM and the CEO has been voted off the board.
The number of shoppers in Britain visiting stores on the day after Christmas fell again this year, data showed on Thursday, underscoring how a formerly key date for retailers has been supplanted by Black Friday sales.
The number of British shoppers hitting the post-Christmas sales dipped by 4.2 percent year-on-year on Wednesday, offering no relief for struggling stores that had already discounted heavily in the run-up to the holiday.