The department store chain said the board has responded to Sports Direct directly, that, as with all other proposals received to date from Sports Direct, it does not address the company's funding and restructuring requirement, while balancing the interests of all stakeholders. "Magasin is a key part of the Debenhams group, is cash flow generative and a meaningful contributor to group profits," Debenhams said. "As such, Magasin is an important part of any lending proposition and therefore any broader solution that protects value for the group." "Further, there are obvious concerns with the proposal that Mike Ashley becomes CEO of Debenhams given that Sports Direct owns our direct competitor House of Fraser." Debenhams said the board has remained open to engagement with Sports Direct throughout its refinancing process and has provided clear guidance on what would represent workable solutions that would allow Sports Direct to participate while also protecting the interests of other stakeholders.