Stockbroker Cenkos Securities plans Debenhams boardroom coup

Endaba Group

The Sunday Times reports that Stockbroker Cenkos Securities has approached some of the department store’s biggest shareholders as they attempt to rally support for a boardroom coup, to unseat Debenhams’ Chairman Nigel Northridge. According to the newspaper, this could also lead to Chief Executive Michael Sharp’s replacement.

The department store reported flat sales for the six months to June 2015 and in 2013, it issued two profit warnings and has been attempting to move away from its discounting culture.