The owner of Edinburgh Woollen Mill Group (EWM) has only days to convince administrators not to seize control, with 21,000 jobs in 1,100 stores at risk
Mr Day, who founded the company nearly two decades ago and built it up via acquisitions of brands including Ponden Home, Peacocks and Jaeger, is working on complicated rescue proposals at his home in Switzerland.
However, with grim prospects for parts of the business, thousands of job losses are expected as soon as this week.
The self-made Cumbrian has concluded that banks will not lend to EWM in its current state. Credit insurers have withdrawn cover, meaning it is effectively unable to trade.
The really important part is those credit insurers. And the way he tried to fuck over the Bangladeshi factories does make him a higher risk. Oh dear, how sad.