Frasers Group has voted against Boohoo's plan to change its holding company name to Debenhams, thwarting the move that required significant shareholder support. Despite this setback, Boohoo aims to adopt the Debenhams identity and will change its ticker symbol to DEBS while still listing as Boohoo Group Plc. Frasers' CFO criticized Boohoo's performance, while Boohoo's CEO expressed optimism about the brand's revival and their future strategy, emphasizing plans to restore the Debenhams name as part of a broader turnaround strategy amid challenges in Boohoo's core operations.
When Boohoo stops destroying shareholder value, Frasers Group as its biggest shareholder will be happy to support its proposals.
Debenhams is back, and we continue to move forward as Debenhams Group. The successful turnaround of Debenhams is the blueprint for the turnaround of the wider group.
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