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.

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