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Debenhams sells 4.63% stake to Sports Direct


Leading sports retailer Sports Direct has acquired a 4.63 per cent stake in department store Debenhams.

The retailer, which was founded by billionaire Mike Ashley, now owns 56.8m shares in struggling Debenhams.

Debenhams said in a statement that it was “open minded” with regards to explore opportunities to improve its performance. Sports Direct said it would be a “supportive shareholder.”

The department store experienced a plunge in shares of more than 12 per cent in January after it released disappointing Christmas results.

Sports Direct continues to be successful in the UK sportswear market and posted a 23.5 per cent rise in H1 profits. The sportswear brand has previously been linked to buying a minority interest in House of Fraser.

Debenhams Chief Executive Michael Sharp said the market environment had been “extremely difficult” which had an impact on sales and profitability.

Published on Monday 13 January by Editorial Assistant

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