Sports Direct now owns 11 per cent of Debenhams October 2, 2014 Sports Direct has just upped its exposure to underperforming department store chain Debenhams, buying a further £33m-worth of shares. The move comes months after the Mike Ashley-owned retailer took its original punt on the high street business, which was ultimately converted into a put option valued at £64m. The new investment equates to a 4.6 [...]
Debenhams refinances debts with £225m bond June 26, 2014 Department store Debenhams refinanced its debts yesterday after launching a £225m bond issue. The retailer has sold £225m of senior notes due in 2021 at a 5.25 per cent yield. This was more than the £200m it had planned to raise when it announced the bond issue last week. Chief executive Michael Sharp, said the [...]
Debenhams sales drop while chief exec raises concerns over consumer spending June 20, 2014 Debenhams has reported a fall in like-for-like group sales of one per cent for the 15 weeks to 14 June. However, the multi-channel retailer enjoyed strong growth in online and international business. The company attributed the slight fall in part to the changing date of its summer sale to 26 June. Instead of slashing prices [...]
Investors cheer recovery plans for Debenhams April 15, 2014 DEBENHAMS’ shares climbed four per cent yesterday as investors welcomed plans to refocus its promotional strategy after a disastrous first half in which profits fell by almost a quarter. The department store group laid out plans yesterday to cut back on promotional activity, extend delivery times for online orders and partner with new brands to [...]
Debenhams loses out to rivals as profit plunges almost 25pc April 15, 2014 Debenhams has just announced a fall in half-year pre-tax profit of 24.5 per cent, to £85.2m. The drop is in line with expectations, the high street store stressed, but shows the still challenging and competitive environment, particularly in the UK, with which it’s having to cope. Chief executive Michael Sharp said the store’s taking “decisive [...]
Ashley takes option for stake in Debenhams January 16, 2014 SPORTS Direct has sold its stake in Debenhams just four days after acquiring it in favour of an option that could eventually see it owning an even greater share of the struggling department store group. The sportswear giant controlled by billionaire Mike Ashley said yesterday that it has sold its entire 4.6 per cent interest [...]
Ashley swoops on Debenhams January 13, 2014 MIKE ASHLEY’S Sports Direct is set to meet with the board of Debenhams after the sportswear giant made a surprise swoop on the struggling retailer and snapped up a 4.6 per cent stake. Neither of the companies commented on when the meeting was likely to take place, but both sides said they were open to [...]
Debenhams remains unloved as hedge funds pile on the pressure January 9, 2014 HEDGE fund bets against Debenhams have increased four- fold since the start of the year led by a short position from Marshall Wace, amid an overall decline in shorting of high street retailers, fresh figures show. About 4.5 per cent of the company’s stock is now out on loan versus 1.5 per cent just a [...]
High Street champion Bill Grimsey accuses Debenhams of bully-boy demands December 19, 2013 RETAIL veteran and former Wickes boss Bill Grimsey has hit out at Debenhams, accusing the department store group of “bully-boy tactics” after it demanded discounts from its suppliers just days before Christmas. The small business champion, who launched an independent review into the high street this autumn, said the demands made on suppliers were “unacceptable”. [...]