Shares soar 40% as struggling stores chain continues talks with creditors over long term survival.Read more
Debenhams is to announce a short-term cash injection of about £40m to enable it to arrange long-term finance and shop closure plans, according to the Guardian.
The cash injection is due to creditors agreeing to extend the retailer's overdraft limit in order to give it more time to refinance its debts, and it is believed that the announcement could be made on Tuesday.
It looks like a cross-pollination of Mike Ashley's retail brands is beginning.
Lingerie by Agent Provocateur, the firm that the Sports Direct billionaire bought out of administration in 2017, will soon be sold in House of Fraser, which Mr Ashley also bought out of administration last year.
This is a chart of Debenham's share price over the last five years.
It helps put in context the fall in the share price today - 12% - to below 3.5p.
As mentioned earlier, the Telegraph has reported it is considering closing another 30 or 40 stores - putting 10,000 jobs at risk.
Last week, two major shareholders, Mike Ashley's Sports Direct, and Landmark Group, voted against the re-election of chairman Sir Ian Cheshire and chief executive Sergio Bucher to the board. Sir Ian resigned but Mr Bucher remained as chief executive, reporting to the board.
Shares in Quiz have slumped by 33% to 23.8p after issuing its second profit warning in three months.
Meanwhile, Debenhams' share price is off 1.4% at 4.75p after its chairman and chief executive were both voted off the board by investors including Mike Ashley's Sports Direct.
The FTSE 100 is up 0.29% at 6,963.01.
The FTSE 250 is up 0.26% at 18,483.28.
BBC Radio 4
In a few minutes, investors will get chance to react to Debenhams' chairman and chief executive being voted off the board by Mike Ashley's Sports Direct and Landmark Group.
Independent retail analyst Richard Hyman says: "The thing about Mike Ashley is that he is constantly surprising us. This was an ambush of Debenhams."
Commenting on what he believes Mr Ashley's intentions are, Mr Hyman says: "He would like to acquire some of Debenhams' assets. He would like to acquire them in the way he acquired some of House of Fraser's assets. He didn't buy the whole of House of Fraser, he bought some of their assets - there is an important distinction but he doesn't want to have the liabilities as well.
"So it remains to be seen but this is the start of a big battle."