Mike Ashley, the retail billionaire and owner of Sports Direct has acquired a 4.6 per cent stake in the UK department store chain, Debenhams, raising its stake to 11.2 per cent. The company invested a sum of £ 33 millions in buying the shares. A representative from the company quoted, “As previously announced, we are already working together with Debenhams and look forward to build this relationship.” Sports Direct is UK’s largest sporting apparel and goods retailer with over 500 stores worldwide. Founded in London, Debenhams has 172 locations across the UK, Ireland and Denmark.
