Mike Ashley is doing whatever he can to call all the shots at Debenhams, the struggling British department store chain in which Sports Direct International holds a 30 percent stake. He has pledged to relinquish his position as chief executive of SDI and to provide Debenhams with an interest-free loan of £150 million (€174m-$196m) if he is appointed as its CEO. Chris Wootton, deputy chief financial officer of SDI, would take his place. Yesterday, SDI issued a statement requesting a general meeting of Debenhams to appoint Ashley as a director of the department store chain and to remove all the other members of its board except for Rachel Osborne, who became a director last September. Debenhams' board said it was disappointed at SDI's stance and that advanced discussions are taking place about future funding requirements. Today, SDI added that it is prepared to buy Debenhams Danish department store subsidiary, Magasin de Nord, for £100 million (€117m-$132m) to assist the company with its short-term liquidity requirements.

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