Struggling department store chain Debenhams says it is seeking a cash injection of up to £200m from existing lenders as it tries to fend off Sports Direct Mike Ashley.
The move would allow it to turn down Mr Ashley’s offer of a £150m loan as part of a deal that would put him in charge.
Lenders have until Thursday next week to approve the cash call, which the firm says will allow it to restructure. Debenhams said the move would “provide liquidity headroom” and “deliver stability” for customers and staff.
The firm – which issued three profit warnings last year – is in talks with lenders over renegotiating its debts.