Debenhams will fall into administration if share dispute with Mike Ashley not solved

Debenhams has been accused of “falsehoods and denials” from businessman Mike Ashley.

The retail tycoon has tabled a rescue deal for Debenhams, but accused its board of a programme full of deceit.

As long as Ashley is appointed chief executive, he says he will give £150m to the department store. He wishes Debenhams’ executives take a lie detector test, otherwise the shares will be suspended and potentially stopped.

Debenhams has not commented on the tycoon’s behaviour, however if a deal is not made promptly, the retailer could fall into administration very soon.

Sports Direct issued a statement late yesterday (April 7), saying Debenhams’ board has been misleading on what is happening in meetings between the two companies.

Shares have been suspended in Debenhams according to Sports Direct whilst the matter is being seen to.