Sports Direct news and archive

House of Fraser turnaround remains challenging

The turnaround of high street department store chain House of Fraser is facing significant challenge. Parent company Sports Direct chief Mike Ashley stated the company is facing a multitude of challenges to turn the ailing store group into the "Harrods of the high street." Ashley this week unveiled Sports Direct's half-yearly results which in...

Report

Mike Ashley lashes out at Debenhams over 40 million pound loan rebuff

Sports Direct owner Mike Ashley has lashed out at Debenhams after the UK retailer refused his offer of a 40 million pound cash injection, according to the Daily Telegraph. In a letter published by the UK newspaper, Ashley warns Debenhams CEO Sergio Bucher that without the money the retailer "has zero chance of survival". “What we’re offering is...

Business

Sports Direct buys Evans Cycles for 8 million pounds

Sports Direct International Plc, the UK sportswear group owned by billionaire Mike Ashley, has announced that it has paid 8 million pounds (10.2 million US dollars) to buy UK retailer Evans Cycles after it fell into administration. Commenting on the Wednesday announcement in a statement, Mr Ashley said: "We are pleased to have rescued the Evans...

Report

Sports Direct reportedly eyeing American Golf

New York.- Mike Ashley’s athletic apparel emporium might be expanding soon, as reports broke Friday on his interest to snap American Golf. Sports Direct would be reportedly in takeover talks regarding Britain's biggest specialist golf retailer. As reported by Sky News, Sports Direct International would be just one of a few interested parties...

Report

Sports Direct invests in new in-store technology

London - Sports Direct has confirmed that it is making a seven-figure investment in new in-store technology and digital displays, as part of a three to five-year project to enhance store experience and drive customer engagement. The retailer has already completed 15 initial installations across multiple Sports Direct, Flannels, Everlast and USC...

Report

Three House of Fraser stores to close

While Mike Ashley’s Sports Direct, the new owner of the troubled department store chain House of Fraser is putting in efforts to save the latter's stores from closing, The Guardian report says that three stores based in Edinburgh, Hull and Swindon would be closed following disagreement over rental terms with the landlords. Ashley is said to be...

Report

Sports Direct announces appointment of non-executive director

Sports Direct International Plc has announced that Richard Bottomley OBE is joining the company’s board as a Non-Executive Director with effect from October 1, 2018. The company also confirmed that David Daly shall step down as a member of the audit committee with immediate effect, but will remain a member of the remuneration and nomination...

Report

Sports Direct announces changes to its board of directors

Sports Direct has announced changes its board of directors. The company said in a statement that Dr Keith Hellawell, QPM, has informed the board of his decision to step down as chairman and as a director of the company, having served since November 2009. The company added that David Daly, non-executive director, will now take up the role of...

Management

Sports Direct acquires House of Fraser for 90 million pounds

Sports Direct International plc has announced the acquisition of the business and assets of House of Fraser from the administrators of House of Fraser Limited, House of Fraser (Stores) Limited and James Beattie Limited, the House of Fraser group's main operating companies, for a cash consideration of 90 million pounds (114.9 million dollars)....

Report

House of Fraser in talks with Mike Ashley for 50 million pounds funding deal

Troubled departmental store chain House of Fraser is said to be in talks with Sports Direct’s Mike Ashley to seek funding boost worth 50 million pounds (65.8 million dollars), reports Sky News. Last month, the company’s voluntary arrangement (CVA) proposals were approved by the company’s creditors, which included closure of 31 of its 59...

Report

Sports Direct supports Justine Barnes appointment to Iconix board

Iconix Brand Group, Inc. has announced that it entered into a cooperation agreement with Sports Direct International plc, pursuant to which Sports Direct has the right to appoint two members of the company's board. The company added that Justin Barnes, of IBSL Consultancy Limited, has been appointed to the board with immediate effect and James...

Management|ANALYSIS

House of Fraser looking for the eleventh hour escape from going into administration

In an attempt to revert its failed financial plans, the department store chain has launched a dramatic restructuring that involves closing more than half of its 59 stores to cut costs. The plan has angered landlords and investors alike, prompting House of Fraser management to seek for support from the Government. Back in May, it was announced...