Baugur has upped its stake in troubled department store chain Debenhams to 11 per cent.
Shares in the retailer closed down 1.25p at 120.25p yesterday. The retailer’s shares have fallen dramatically since Debenhams floated at 195p in May last year following a string of profits warnings.
Earlier this month, Debenhams chairman John Lovering and chief executive Rob Templeman bought 250,000 shares in Debenhams at a time when they had hit an all-time low of 118p.
In July, Baugur ruled itself out of launching a bid for the retailer for six months under Takeover Panel rules, following speculation surrounding comments made by Baugur founder Jón sgeir Jóhannesson.
Baugur owns a large swathe of the UK high street, including Debenhams’ rival House of Fraser. Speculation surrounding Baugur’s interest in Debenhams was fuelled by its recent stakebuilding activity. In July, it upped its stake in the retailer to almost 8 per cent.
No comments yet