Overcast

Overcast

max temp: 1°C

min temp: 0°C

Search

Sports Direct buys two US chains in £78m debt deal

PUBLISHED: 12:19 21 April 2017 | UPDATED: 12:19 21 April 2017

Sports Direct founder Mike Ashley outside the Sports Direct headquarters in Shirebrook, Derbyshire. Photo: Joe Giddens/PA Wire

Sports Direct founder Mike Ashley outside the Sports Direct headquarters in Shirebrook, Derbyshire. Photo: Joe Giddens/PA Wire

Mike Ashley’s Sports Direct has seized control of US retailers Bob’s Stores and Eastern Mountain Sports in a 101 million US dollars (£78 million) debt deal.

The billionaire tycoon has acquired the chains by buying up the debts of their parent firm Eastern Outfitters, which filed for Chapter 11 bankruptcy protection in February.

The deal will see Mr Ashley take charge of around 50 retail stores in the US under the Bob’s Stores and Eastern Mountain Sports fascias, which sell clothing, sportswear and camping equipment.

Sports Direct said the acquisition will provide it with a “footprint in US bricks-and-mortar retail and a platform from which to grow US online sales”.

Eastern Outfitters booked a pre-tax net operating loss of 26 million US dollars (£20 million) in the year to January 28, although the gross assets of the businesses being acquired stands at 126 million US dollars (£98 million).

Mr Ashley, who also owns Newcastle United FC, has courted controversy recently, coming under fire for presiding over “Victorian” working conditions at Sports Direct’s warehouse in Shirebrook, Derbyshire.

The retailer has since moved to elect an employee to attend board meetings.

Search hundreds of local jobs at Jobs24

A Suffolk father whose son has type 1 diabetes has set up an online business selling consumables, equipment and fashion accessories for diabetes sufferers.

A popular country store and hardware shop which has operated from its Stanton site for more than 60 years is set to close next week.

Ipswich market’s move to Queen Street and Princes Street will go ahead in the New Year it has been confirmed, as the council is set to agree which contractor to use on Tuesday.

Fears are rising that Four Seasons, Britain’s second biggest care homes operator, is heading for administration as hopes of a rescue deal for the debt-stricken group fade.

Brewer and distiller Adnams says it has cut its annual carbon emissions by more than 1,000 tonnes after completing a transition to renewable energy across its entire business.

Management Jobs

Show Job Lists

Most read

Topic pages

Newsletter Sign Up

Sign up to the following newsletters:

Sign up to receive our regular email newsletter
MyDate24 MyPhotos24