Debenhams:Death spiral?

[Bear Hug]

6 hours ago, One percent said:

It’s like an aladins  (sp?) cave. 

I went in, asked to have a look around the store before I apply for membership.  They refused to let me, so I never went in again.

Probably for the best - buying huge amounts of food that I actually like just results in it being eaten in too large amounts and too quickly.

[spygirl]

https://www.ft.com/content/8a938b58-3f42-11e9-b896-fe36ec32aece

article saying Deb havd to restructure n close shops now rather than later.

And this cracker

Debenhams simply cannot keep issuing them and promising another update on an unspecified date. It must deliver its debt refinancing, CVA and store closures now, while there are still online customers — if not shareholders — left to save. As analysts at Global Data pointed out, Debenhams does not have the “solid ecommerce grounding that is much needed to protect sales as spend shifts online”. Nor does it have the IT skills. Tuesday’s profit warning was issued 45 minutes late — because the group’s email system failed.

[Errol]

Why can't they just let it die? Surely even the most optimistic of investors can see its time is up?

[dgul]

On today's news they're dead.  I don't know why the share price isn't 0p.

[spygirl]

32 minutes ago, dgul said:

On today's news they're dead.  I don't know why the share price isn't 0p.

Cue for a load of 55+ blokes o start saying ... resting etc etc.

 

https://www.bbc.co.uk/news/business-47666249

Why?

All that would happen is that the money would go to the fucking LLs, whove been leaching off the well leached corpse left by PE.

There is no fucking point carrying on.

 

[spygirl]

It touched 1p.

Just for fun:

https://www.telegraph.co.uk/finance/2937151/Debenhams-unveils-2bn-float.html

By Stephen Seawright

12:06AM BST 20 Apr 2006

Debenhams has revealed the price range of its long-awaited IPO which will value the department store group at £1.68bn to £1.95bn.

The shares will be sold at between 195p and 250p with the final price to be announced on May 4.

There are a lot of companies, still held by PE - the Deb disaster pretty much killed listing as an exit.

 

[BearyBear]

Oh dear... Day's Range: 0.250 - 3.100

https://uk.investing.com/equities/debenhams

[spygirl]

5 hours ago, BearyBear said:

Oh dear... Day's Range: 0.250 - 3.100

https://uk.investing.com/equities/debenhams

Yeah that falls into 'Fuck knows. Probably bust'

 

[Ash4781b]

Mike Ashley won’t be happy. 

[spygirl]

15 hours ago, Ash4781b said:

Mike Ashley won’t be happy. 

I think hes after the Danish shop Debs owns.

I also thjink he did not grasp the difference between equity and debt.

As Debs equity approached 0p he was gettibgn depserate to give it cash, as debt, so he can get the senior debt position.

as a 30% shareholders, his equity can spin.

https://www.theguardian.com/business/2019/mar/22/mike-ashley-makes-100m-offer-for-danish-arm-of-debenhams-sports-direct

[Bedrag Justesen]

On ‎22‎/‎03‎/‎2019 at 21:49, Ash4781b said:

Mike Ashley won’t be happy. 

Mike Ashley is not happy.

https://news.sky.com/story/ashley-hits-out-at-debenhams-advisers-as-bid-is-snubbed-11677838

[dgul]

56 minutes ago, Bedrag Justesen said:

Mike Ashley is not happy.

https://news.sky.com/story/ashley-hits-out-at-debenhams-advisers-as-bid-is-snubbed-11677838

It is very weird.  I don't understand how the board can agree to wiping out shareholder equity (and driving the company into prepack) over Ashley giving every shareholder 100% gain* on their start-of-week share value (even if it would damage the Debs brand).

Anyway, end result will be the same -- Debs (as we know it) will disappear.  Funny old games, though.

[* I don't think MA would have happened in the end, but the dream of shareholders getting 100% gain should have been enough]

[spygirl]

9 minutes ago, dgul said:

It is very weird.  I don't understand how the board can agree to wiping out shareholder equity (and driving the company into prepack) over Ashley giving every shareholder 100% gain* on their start-of-week share value (even if it would damage the Debs brand).

Anyway, end result will be the same -- Debs (as we know it) will disappear.  Funny old games, though.

[* I don't think MA would have happened in the end, but the dream of shareholders getting 100% gain should have been enough]

Equity is very junior.

The debtors and creditors are driving Debs.

They've looked at ashleys offer and thought - Fuck that.

 

[spygirl]

https://www.ft.com/content/3289a462-547b-11e9-91f9-b6515a54c5b1

The arrangement fees payable to lenders for up to £200m of new money secured last week, plus a fee for extending its existing facilities for a year, total more than its entire £15m interest bill for the financial year to September 1 2018. On top of that, Debenhams paid inducements of more than £1m to its bondholders in return for their assent to changes in the terms and conditions of the bonds, along with fees to professional advisers.

[spygirl]

The ongoing Deb v. Mike Ashley is bizarre.

Is that tit really getting exposed?

Is SD trading getting worse - I dont see who SD can be doing well.

There's something more than MA/Debs at SD at the mo.

 

 

 

[crashmonitor]

Shares suspended

[spygirl]

And now we start the Debenhams crap town thread.

Im putting money on the Scabby one shutting.

 

[spygirl]

Looking at SD share price and margins you can sort of see why hes flogging NewU and getting stroppy about his 100m Debs investment.

Last fat bloke finance standing.

 

[spygirl]

https://www.bbc.co.uk/news/business-47864580

0p

30% chance of your local Devs shutting.

 

[Majorpain]

On ‎08‎/‎04‎/‎2019 at 10:11, spygirl 🏆 said:

The ongoing Deb v. Mike Ashley is bizarre.

Is that tit really getting exposed?

Is SD trading getting worse - I dont see who SD can be doing well.

There's something more than MA/Debs at SD at the mo.

It does seem very odd, the Debenhams board seemed absolutely hell bent on not letting MA anywhere near the accounts.

Skeletons in the closet to hide I wonder???

[spygirl]

48 minutes ago, Majorpain said:

It does seem very odd, the Debenhams board seemed absolutely hell bent on not letting MA anywhere near the accounts.

Skeletons in the closet to hide I wonder???

Nope.

Other secured creditors want nothing to do with him.

MA only has an equity stake.

 

[spunko]

Nobody seems to be linking the imminent death of Debenhams with high rents. Another business casualty caused not only by changing customer tastes , but also by government props on housing market.

[Bedrag Justesen]

I wonder how many Debenhams are paying full rents and rates anyway ?

Don't they already use MA's tactic of threatening to pull out of locations ?

[Wight Flight]

On 09/04/2019 at 14:14, Bedrag Justesen said:

I wonder how many Debenhams are paying full rents and rates anyway ?

Don't they already use MA's tactic of threatening to pull out of locations ?

Might work with rent. Not so sure it would work with rates.

[Bedrag Justesen]

13 minutes ago, Wight Flight said:

Might work with rent. Not so sure it would work with rates.

This sort of deal ? ( I don't know.)

https://www.doncasterfreepress.co.uk/news/doncaster-council-to-hand-sports-direct-billionaire-mike-ashley-125-000-in-rates-relief-for-flannels-store-opening-1-9485250