Mike Ashley pushes chair and chief executive from Debenhams board

Debenhams To Close Stores In A Bid To Save The Brand

He said in a statement: "It has been a great privilege to get to know my Debenhams colleagues over the past three years".

Once the UK's biggest department store chain, Debenhams has reported a string of profit warnings as it failed to keep pace with consumers moving online and to cheaper outlets, hammering its shares and wiping 80 percent off its market value.

Chairman Sir Ian Cheshire was also voted off the board and will step down.

The figures for the autumn period make even more worrying reading - with a 5.7 per cent fall in like-for-like sales in the 18 weeks to 5th January.

Debenhams is now on a desperate quest to drive down costs, and central to this is a plan to extend previously announced store closures from 10 to a possible 50 sites over the next three to five years.

Two major shareholders voted against the reappointments: Ashley, the CEO of Sports Direct International Plc, who holds a roughly 29 percent stake; and Landmark Group Inc., a retail and hospitality company based in Dubai, which owns 7 percent.

However, Sir Ian had "concluded it is no longer possible for him to remain chairman of Debenhams", it said.

A total of 56% of shares voted were against the re-election of both directors. Sergio received 44.15% votes in favour of his re-election.

Paulie Malignaggi issues high-stakes challenge to Conor McGregor
Speaking on Off The Ball , Malignaggi upped the ante, challenging McGregor to a winner-takes-all fight in the boxing ring. Many individuals in the fight business, I have learned lately, are absolute bitches".

In August a year ago, he rescued House of Fraser after the department store group collapsed into administration.

The board said it is "mindful of its responsibilities to all shareholders" and has full confidence in Bucher and in the management's plan to reshape the business. However, Bucher is to continue in his position, reporting to the board.

"I recognise that individual shareholders have wished to register their dissatisfaction".

The dramatic events came after weeks of pressure for change at Debenhams from Ashley as the debt-laden store chain struggles to turn around a slump in sales and profits.

The department store group, which is pushing ahead with a major restructuring programme, saw like-for-like sales fall 3.4 per cent in the six weeks to 5 January, weighed down by its core United Kingdom market where sales were 3.6 per cent lower.

Senior Independent Director Terry Duddy will become interim director and replace Sir Cheshire.

Also in December, Debenhams declined the offer of a 40 million pound interest-free loan from Ashley, saying conditions attached to it could affect the interests of other stakeholders.

Earlier Thursday, Debenhams announced it is in talks with lenders over its financing amid weak store footfall over the Christmas period.



Latest news

Miami hires Alabama quarterbacks coach Dan Enos as Hurricanes offensive coordinator
UM's announcement of its OC came less than two weeks after Diaz fired Miami's entire offensive coaching staff. His experience as a head coach will also provide invaluable insight to our entire program".

New Beer Labels On Hold During Government Shutdown
The breweries can still sell new beers in the state, but they are missing out on out-of-state sales until the shutdown ends. Paul Gatza, director of the Brewers Association , estimates half of the craft breweries in the US are in a similar position.

Travis Scott Told NFL He'd Play Super Bowl Under One Condition
Maroon 5's performance will come during a break of their Red Pill Blues tour, before they head off to Australia in late February. The band's sixth and most recent studio album, Red Pill Blues , was released in November 2017.

McCarthy: Russia Investigation Has Been About Trump 'From the Beginning'
And there is reportedly no record of his one-on-one, two-hour discussion with Mr Putin in Helsinki past year . Without hesitation, the president fired back, "I think it's the most insulting thing I've ever been asked".

Poland mayor in very serious condition after being stabbed on stage
According to Wyborcza , the attacker had grabbed a microphone and told the crowd that he was held in prison despite his innocence. The horrific incident took place at an annual charity event collecting money for Polish medical facilities.

Brit nominations revealed: Anne-Marie and Dua Lipa lead the way
The rapper added: "So, me just existing and being myself is making change and making things easier for other young queer kids". Aphex Twin has been nominated for the British Male Solo Artist award, alongside Craig David, Sam Smith, Giggs and George Ezra.

Fallout 76 players discover secret human NPC & unseen items
The Fallout franchise is no secret to housing secret areas and a hidden " dev room " isn't necessarily new either. It appears Bethesda is looking into handing out automatic account bans that can take 6 to 24 hours to resolve.

Mets, deGrom agree to $17 million, 1-year contract
BRAVES: Atlanta agreed to a $5,475,000, one-year deal with Mike Foltynewicz, avoiding arbitration with the All-Star right-hander. Past year he missed time with a finger injury and an illness, finishing with 155 strikeouts and 39 walks in 154 1/3 innings.

Andy Murray Says Australian Open Could Be Last Tournament
He felt like he could do sort of the two and a half sets that we played. "I guess everybody can understand where he comes from". The 2019 Australian Open, which gets underway today, offers Williams a chance at a reset.

Artificial tears Market - Global Market Analysis, Size, Growth, Trends, and Forecast 2018
The Artificial Intelligence in BFSI market research study relies upon a combination of primary as well as secondary research. Year wise evaluation based on segment and sub-segments and forecasts up to 2023 are additionally comprised in this report .

Manchester United Women match with Charlton abandoned after Charlotte Kerr injury
The Manchester United Women's account tweeted their support for Kerr, saying 'everyone at #MUWomen wishes her a speedy recovery'. Manchester United Women's game at Charlton was called off due to a serious injury suffered by Addicks defender Charlotte Kerr.

Mass overdose in California leaves 1 dead, 12 hospitalized
Over the past few years, Fentanyl has increasingly been responsible for overdose deaths across the United States. Fentanyl is "50 to 100 times more potent than morphine", according to the Centers for Disease Control.

This Woman Will Make Football Refereeing History
She also explained to him why she tucks her hair under her hat while she's on the field. Sarah Thomas keeps making history.

Government shutdown has left several USA agency websites inaccessible
Several government websites, such as the DoD, now greet users with a "CERT_DATE_INVALID" warning in place of the website itself. Netcraft cited a page at the Department of Justice's website with an expired certificate that rendered it inaccessible.

Croatia defender Lovren banned over social media outburst against Spain
It featured Lovren mocking Spain and appearing to hint he deliberately stuck Spain's Sergio Ramos with his elbow. Liverpool fans love the jibe at Real Madrid captain but it eventually landed Lovern in trouble.

Other news