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The store chain rejected two last-ditch takeover offers from Sports Direct.
Under Tuesday's deal, all stores will remain open for now, although some have been earmarked for closure.
Mr Ashley said politicians and regulators had been "as effective as a chocolate teapot".
He also called for the administration process to be reversed.
BBC Radio 4
Chris Wootton, Sports Direct's deputy Chief Financial Officer, has spoken to Radio 4.
He says that while Debenhams' decision to go into pre-pack administration was legal - "morally it is not correct".
Mr Wootton thinks the board "have absolutely not carried out their fiduciary duties" towards shareholders, who were wiped out in the process.
He says Mike Ashley's firm is considering suing Debenhams, and insists this is more than an idle threat.
"It is a disgrace that we - as the biggest shareholder - have been treated in this way".
You can hear more from Mr Wootton below.
Chris Wootton, deputy chief financial officer at Sports Direct, says if Mike Ashley's bid had been accepted 90% of Debenhams stores would have been kept open.
BBC Business News
Newcastle United owner Mike Ashley has made a revised £200m rescue offer forDebenhams, delaying the department store's prospective administration.
The billionaire Sports Direct boss had an offer to underwrite a £150m rights issue rejectedon Monday.
Lenders to Debenhams said the latest proposal, on the terms set out, including that Mr Ashley be made chief executive of the chain, was "not sufficient".
There are some harsh words for Mike Ashley from A J Bell investment director Russ Mould. He said the Sports Direct boss "needs to get back to the day job and regain focus." Mr Mould said:
While Mike Ashley seems to like the thrill of the chase, it is time for him to admit defeat with his pursuit of Debenhams and adding another string to the bow of his retail empire. Someone needs to tap him on the shoulder and remind him that he’s already got a core business to run and a bit more attention wouldn’t go amiss. Sports Direct’s half year results last December saw the retailer report a 26.8% drop in underlying pre-tax profit to £64.4m. And its share price has fallen by a third since last summer.