Sports Direct owner Mike Ashley has launched an extraordinary attack, via a strongly worded letter, to the boss of Debenhams discussing his offer of a £40m investment in the struggling department store chain.
Ashley, who owns 29.7% of Debenhams, sent the letter to addressed to Sergio Bucher, stating that without the money the company “has zero chance of survival”.
Debenhams, which is closing up to 50 of its stores following a downturn in business, and the letter suggests the firm would take an additional stake in Debenhams.
In a statement last week, the Newcastle United owner said that House of Fraser, which he bought from administration for £90m in August, could merge with Debenhams.
Under his latest plans he would inject the funds in return for an extra 10% stake and a waiver from being forced to make an offer for the whole company under takeover rules.