- Embattled retailer Debenhams said it would continue with its plan to obtain funding as an offer for the company from Sports Direct would not address the company's need for immediate funding unless it included plan of how existing debt would be repaid.

Debenhams said it would consider any firm proposal from Sports Direct, but given the timetable associated with any public offer, an 'offer for the company would not, in itself, address the company's immediate funding requirement.'

'Therefore, the company will continue with its plan to obtain the funding required, as outlined in Debenhams' statement of 22 March 2019.'

The company said any offer would need to include a plan to eased the its immediate debt owes.

A proposal from Sports Direct must provide an indication of the offer price, form of consideration and any other terms of such possible offer; a clear plan of how Debenhams' existing debt - which would fall due on any change of control – would be repaid; and a proposal that addressed the immediate funding requirements of the business.

Debenhams acknowledged that a new request to convene a shareholder meeting was received from Sports Direct on 21 March.

At 9:04am: [LON:DEB] Debenhams PLC share price was +0.59p at 2.14p

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