Debenhams has confirmed it is in advanced talks to borrow £150 million, just days after Mike Ashley launched an aggressive bid to seize control of the retailer.

The struggling department store chain said on Monday that it is in negotiations for the funds, £40m of which will go towards refinancing a bridging loan secured in February.

The retailer is struggling under a £500m-plus debt mountain which it is also trying to refinance, with a debt-for-equity swap or rights issue on the cards.

Part of its plans include the closure of 50 stores, potentially through a Company Voluntary Arrangement (CVA).

READ MORE: Debenhams shares spike on Mike Ashley's attempted coup

The latest twist in the saga, described as part of efforts for the shop to stay afloat, comes after Sports Direct boss Mr Ashley called for a clean sweep at the top of Debenhams and proposed installing himself as an executive.

HeraldScotland: File photo dated 29-09-2014 of Newcastle United owner Mike Ashley. PRESS ASSOCIATION Photo. Issue date: Tuesday October 27, 2015. Rangers chairman Dave King has revealed the club face on-going legal threats from Mike Ashley as their bitter civil war shows

Mr Ashley, above, tabled a proposal on Thursday night for a shareholder meeting to remove "all of the current members of the Debenhams board", other than finance chief Rachel Osborne.

Mr Ashley owns just under 30% of Debenhams through Sports Direct.

If his plans are successful, he would step down from his position as chief executive of Sports Direct, though would retain his controlling 60% stake in that company.

The shock announcement came just days after Debenhams issued its latest profit warning.

READ MORE: Debenhams shares plunge on fresh profit warning

It warned that trading headwinds, efforts to put the group on a secure financial footing and macroeconomic uncertainties are hitting the company hard. The profit alert was the fourth in just over a year.

Shares were up more than 2% in morning trade on Monday at 3.63p.

HeraldScotland: Kier's Scottish construction division is now on 14 national procurement frameworks.

Shares plunged as construction firm Kier Group has been forced to restate its debt position after unearthing an accounting error related to property assets.

Following a review of its accounts, the company said it has identified £40.2 million of debt linked to developments that were held for re-sales, which was not included in its previously reported debt.

The company has now revised its net debt position as at December 31 2018 to £180.5m from £130m previously.

READ MORE: Distiller ramps up global sales as gin debut nears

The average month-end debt position for the six months ended December 31 was also increased to about £430m from £370m.

Shares crashed over 13 per cent in morning trade to 431p.
Kier said it remains focused on reducing its debt and expects that it will be in a cash position by June 30.

Interim results are expected to be published on March 20.

Law firm DWF has confirmed the launch of a stock market flotation, valuing the firm at £366 million.

The group said on Monday that it will raise £95.2m through the initial public offering (IPO) which will see 26 per cent of the company listed at 122p per share.

DWF's partners will share in a multimillion-pound bonanza as a result, with around £19m of the money raised going their way.

READ MORE: Morrisons to unveil profits hike despite slowing retail sales growth

Chief executive Andrew Leaitherland said: "The IPO is only the start and I am confident in DWF's strong fundamentals and continued growth prospects as a listed company."

Up to £10m of the IPO money will be invested in additional IT systems and the remainder used to fund general corporate purposes, including potential acquisitions.