Sports Direct boss funds lawsuit to overturn the deal that rescued Debenhams

The Sports Direct boss Mike Ashley wants to “eliminate a competitor” by funding a lawsuit that could plunge Debenhams back into administration at the cost of thousands of jobs, the high court has heard.

The struggling department store chain gained approval from its landlords for rent cuts through a company voluntary arrangement (CVA) earlier this year, keeping the company alive at the cost of 50 planned store closures. In April Debenhams published a list of the first 22 stores to close, which are expected to shut early next year, putting 1,200 job at risk.