Shareholders 'push for Debenhams change'

Debenhams chief executive Michael Sharp and chairman Nigel Northridge are expected to come under greater pressure as shareholders demand improved performance.

Stockbroker Cenkos held talks with other shareholders last week about changing the chain’s top management in an effort to increase growth. Now it has been joined by three other shareholders – Milestone Resources, Schroders and Old Mutual – which own about a quarter of the retailer’s shares.
Debenhams has relied on reducing promotions and increasing concessions to boost margins in the face of flat sales, but according to the Sunday Times some shareholders have grown impatient with this approach.