City stockbroker Cenkos Securities is trying to rally support for a boardroom coup at Debenhams following a long period of weak trading.
Cenkos has approached some of the department store’s biggest shareholders, reportedly with a plan to unseat Debenhams’ chairman Nigel Northridge, The Sunday Times reports.
This could lead to the replacement of chief executive Michael Sharp, according to the newspaper.
The retailer issued two profit warnings in 2013 and has been trying to move away from its discounting culture. It reported flat sales for the six months to June 2015.