Sports Direct buys 5% stake of shares in Debenhams

Sports Direct has acquired almost five per cent of shares in department store chain Debenhams.

The acquisition of 56,829,293 shares by Sports Direct, worth 4.63 per cent of the company, was announced this morning by bother parties, alongside the statement by Debenhams that e sports retailers planned on acting as "a supportive shareholder".

The statement added that Sports Direct also planned "to explore options at an operational level to work together. Debenhams is open minded with regard to exploring operational opportunities to improve its performance, alongside its own existing and planned initiatives, in order to create value for all Debenhams shareholders."

The move comes a fortnight after Debenhams issued a profit warning, hurting the price of shares, as a result of disappointing Christmas sales figures.

Join us, it's free.

Become a member to get access to:

  • Exclusive Content
  • Daily and specialised newsletters
  • Research and analysis

Join us, it’s free.

Want to read this article and others just like it? All you need to do is become a member of The Drum. Basic membership is quick, free and you will be able to receive daily news updates.