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Debenhams is on the brink of administration after it rejected a new offer from Sports Direct, made in the early hours of Tuesday, to pump £200m into the department store.Its shares were suspended just before the start of Tuesday’s trading, after a request from the company.On Monday, Debenhams turned down a similar proposal from Mike Ashley’s company to put £150m into the retailer.The new offer was rejected because Mr Ashley wanted to be chief executive.

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