UK retailer Sports Direct acquires 4.6pct stake in Debenhams
Sports Direct has acquired a 4.6% holding in Debenhams as it eyes its options to team up with the UK department store. Sports Direct is the largest retailer of sporting goods in Britain, according to Independent.
On Monday, Sports Direct said of the deal:"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."
According to Debenhams, it is open to working with the sports retailer to enhance its market performance as it talked about Sports Direct's stake acquisition. The department store released a profit warning in the previous month, the report explained.
Debehams is a multinational retail chain that operates as a department store in the UK and in Ireland. The London-listed retailer was founded in the eighteenth century and presently has 172 stores across the UK, Denmark, and Ireland, according to Debenhams' web profile.