"Sports Direct has repeatedly asked regulators and MPs to stop this destruction of a British institution, and they have done nothing.Mike Ashley made a scathing statement about Debenhams' collapse to the stock exchangeBritish Retail Consortium: 'Government could have done more' Debenhams collapsed after rejecting a offer from Mike Ashley to pump £200million into the UK brand. Mike Ashley's retail group accuses Debenhams' advisers of blocking it from sale process. reported a record pre-tax loss of £491.5m last yearSports Direct, which owns a near 30% stake in the retailer, had previously said it was If Mr Ashley's offer is accepted, he would control yet another High Street name.Debenhams has refused to comment on the offer.Mr Ashley, who is Debenhams' biggest shareholder, If Mr Ashley's latest offer is turned down by Debenhams' lenders, the company is likely to enter a pre-planned administration, possibly as early as next week.In January Mr Ashley joined investor Landmark Group to vote the retailer's chairman and chief executive off the board. "I call on the authorities to reverse the administration process so that a full, better and appropriate solvent solution can be found." Frasers Group owner Mike Ashley is reportedly looking to seize as many as 30 stores from rival retailer Debenhams. That's expected to lead to the closure of about 50 stores in the longer term.No sites are expected to close until 2020 at the earliest. Can Mike Ashley save debt-laden Debenhams? ""I restate my call for the advisers to go to prison given their skulduggery in undermining shareholders and other stakeholders, such as employees and pensioners.Mike Ashley has described the administration of Debenhams as a "national scandal", with the Sports Direct owner urging the process to be reversed. Debenhams secures £200m lifeline with lenders Sports Direct's letter to Debenhams states: "Mr Ashley's appointment would immediately relieve any pressure on the company's supply chain and he would be in a position to lead the restructuring of the company's stores and operations.considering a £61.4m bid to take full control of DebenhamsOptions being looked at include a ban on households mixing, and reducing hospitality opening hours.Read about our approach to external linking.Last week, the retailer challenged Mr Ashley to table a firm takeover offer or abandon his attempt to take control and provide funding instead.The department store chain's financiers are considering the offer, say City sources.

Prior to last year's administration, Sports Direct owner Mike Ashley had proposed injecting £200m into Debenhams. https://www.bbc.co.uk/news/business-47841236However, under the deal's conditions, shareholders including Mr Ashley would see their stakes in the company wiped out. Debenhams stores are continuing to trade normally for now, but dozens of branches are already facing closure - and shareholders including Sports Direct, which owned a stake of almost 30%, have been wiped out.

Mr Ashley said regulators had been as effective as a chocolate teapot. "These politicians and regulators have proven to be as effective as a chocolate teapot. "Although Sports Direct still expects them to act, it is too little too late. Such an aim ‘would be consistent with Sports Direct’s recent modus operandi’, barrister says Mike Ashley releases furious statement after Debenhams collapses It said: "This is nothing short of a national scandal - and one that could so easily have been avoided if Debenhams had chosen to engage with its largest shareholders constructively rather than obstructively. Image copyright PA Image caption Mike Ashley owns more than 60% of Sports Direct Previous attempts by Sports Direct to install Mr Ashley as Debenhams … Last October, it reported an annual loss of £492m and confirmed plans to close up to 50 stores, putting about 4,000 jobs at risk.Its new owners, including banks and hedge funds led by Silver Point, are expected to carry out a restructuring including a company voluntary arrangement (CVA) to cut back on the group's rent bill and close loss-making stores.Mr Ashley, who has made numerous attempts at a takeover, said in a statement to the stock exchange: "As normal, politicians and regulators fiddled whilst Rome burnt.Debenhams, which has 166 UK stores and employs more than 25,000 people, said suppliers, employees, pension holders and customers would not be immediately affected by the transaction. Debenhams has been taken over by its lenders after the department store group fell into administration, wiping out shareholders including Mike Ashley’s … Sports Direct even accused the board of directors at Debenhams of facilitating the transaction by "playing their part through incompetence, or worse, through collusion".The high street chain has been hit by a sharp slowdown in sales, high rents and ballooning debts. The chairman and chief executive of Debenhams have been ousted from the retailer’s boardroom after two major shareholders – including Mike Ashley’s Sports Direct – voted against them. Debenhams could be broken up between potential buyers as concerns grow about the future of the department stores chain and its 14,000 employees.Mike Ashley’s Frasers Group, Next and a Chinese Stores, staff and suppliers would not see any immediate change.Where are Stacey Dooley's interviewees now?

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