Sports Direct buys 4.6% stake in Debenhams
Sporting goods retailer Sports Direct has acquired a 4.6% stake in Debenhams.
In a statement issued today, Sports Direct said it wanted to “explore options at an operational level” to work together with the department store chain.
The company added: “This acquisition of shares has taken place without the prior knowledge of the Debenhams board of directors, but Sports Direct has communicated to Debenhams’ board its desire to work together and its intention to be a supportive shareholder.”
Sports Direct has bought 56,829,293 million shares which represent 4.63% of the issued share capital of Debenhams.
Never Miss a Retail Update!Commenting on the acquisition Debenhams said: “Debenhams notes that Sports Direct intends to be a supportive shareholder and that it wishes 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.”
Last month, Debenhams warned that its first half profits would be significantly lower than last year following disappointing sales in the run-up to Christmas.
