The U.K. Takeover Panel has given Mike Ashley’s group a deadline of Dec. 17 to decide whether or not it wants to buy Mulberry, which is majority owned by Christina Ong.
A search for his successor has begun, and that person will likely be a turnaround expert.
Shareholders’ stakes have been wiped out and the company has suspended trading, but commercial operations are still running.
Chairman Ian Cheshire has now left the company, while ceo Sergio Bucher remains, despite the demotion.
The board has appointed Numis Securities Ltd. as financial adviser.
New owner Mike Ashley is faced with mounting debt and the industry wonders how he will repair relationships.
Ashley wants to stock Gucci and Prada among other luxury brands.
House of Fraser could be the biggest challenge yet for Sports Direct tycoon Mike Ashley in a cold climate for British high-street retail.
The troubled retailer called in Ernst & Young early Friday, hours before a distressed sale to retail tycoon Mike Ashley.
Sanpower owner Yuan Yafei, who also owns China’s oldest department store Nanjing Xinjiekou, is looking to offload a 51 percent stake in the company he purchased in 2014.