Thursday 23 November 2017

Sports Direct buys 4.6pc stake in Debenhams

A Debenhams store
A Debenhams store

Sports Direct, Britain's largest sporting goods retailer, has acquired a 4.6pc stake in Debenhams, and said it wants to explore options "at an operational level" to work with the department store.

"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 said on Monday.

Debenhams, which issued a profit warning last month, noted Sports Direct's purchase of shares and said it is "open minded" about working with the firm to improve its performance.

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