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Stockbroker plots Debenhams boardroom coup

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.

Readers' comments (4)

  • Given how they upset brands demanding additional margin retrospectively, only changes at the top will lead to repairing relations.

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  • Bring back Belinda Earl and Paul Marchant !!!!, unfortunately Debs is a poisoned chalice now.

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  • I agree with the above. It is a poisoned chalice. They also treat their staff appallingly- maybe its karma coming back to get them!

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  • Only a takeover from El Cortes Ingles could save them now.

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