Today shares in the High Street chain Debenhams are worth pennies.
Major share holder and Sports Direct owner Mike Ashley offered £200 million to rescue it.
The Debenhams board rejected this offer from Ashley who has 30% shares in the company. His offer came with the proviso he sacks the board and takes control himself.
Other assets owned by Ashley includes House of Fraser. The two brands could have been merged if he took over Debenhams.
Ashley is passionate about saving the High Street.
In a recent move by administrators to own Debenhams it is thought 50 of the 160 stores will close. Fans of Debenhams, and the High Street, express concerns. One man on twitter says ‘It would leave a huge gap in Argyle Street’.