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Sports Direct and Debenhams directors to meet

Sports Direct chief executive Dave Forsey and Debenhams boss Michael Sharp will meet today following the sportswear retailer snapping up shares in the department store chain last week.

Last week the Mike Ashley-owned business revealed it had bought a 4.6% stake in Debenhams, however it later converted its stake to a put option on a larger 6.6% of the department store group.

Directors of the two retailers will meet today and it is expected Forsey will outline Sports Direct’s intentions to Sharp and also discuss operational ideas.

Industry insiders have raised concerns about Sports Direct’s involvement in the business with some suggesting the business could want to place its own brands into the retailer.

It has also been reported that Sports Direct wants to sell celebrity inspired sportswear ranges in Debenhams.

It follows a difficult Christmas trading period for the department store, which issued a profit warning last month as gross margins declined “due to product category mix and higher markdown”.

Readers' comments (1)

  • Last one out turn off the lights please.

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