Debenhams has told Sports Direct to put up or shut up in its attempts to take over the department store chain.
The debt ridden retailer set Mike Ashley's firm a deadline of April 22 to make a bid or walk away and said it will give any firm offer "due consideration".
Debenhams said it would press on with plans to raise £200 million from existing creditors. It said alternative plans to save the company would wipe out shareholders' equity.
Ashley has offered Debenhams £150 million in return from him sacking the board apart from its CFO and taking over as chief executive himself.
Debenhams said given the "timetable associated with any public offer", a bid from Sports Direct would not address its immediate financing needs and said the department store would continue with its funding plans.
The chain added that any proposal from Sports Direct must provide an indication of the offer price, a clear plan of how Debenhams' existing debt will be repaid and how it would address the immediate funding needs.
It also acknowledged a new request from Sports Direct on March 21 calling for a shareholder meeting.
