Sports Direct has sacked House of Fraser directors and senior management, weeks after rescuing the department store chain from administration. The retailer, controlled by tycoon Mike Ashley, disclosed the move in a brief stock market statement.Mr Ashley's company bought the struggling department store out of administration for £90m in August. He has said he wants to turn the 169-year-old chain into the "Harrods of the high street".Further details of his strategy for House of Fraser have been slow to emerge.The store chain has, together with rivals Debenhams and John Lewis, been struggling amid a tough retail environment.Announcing the sackings, Sports Direct said: "Following the collapse of House of Fraser on August 10 2018, and subsequent calls for an investigation into the circumstances of that collapse, the company today announces that we have dismissed the former directors and senior management of House of Fraser."Richard Lim, chief executive of consultancy Retail Economics, … [Read more...] about Sports Direct sacks House of Fraser directors and senior management
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News / UK and world by Press Association September 11, 2018, 8:16 am FacebookTwitterLinkedInWhatsAppEmail Sign up to our Daily newsletter Retailer JD Sports has notched up record half-year results as profits jumped by nearly a fifth despite a tough retail market and difficult times during the heatwave. The sportswear chain, which also owns Blacks and Go Outdoors, reported a 19% rise in pre-tax profits to £121.9 million for the six months to August 4. It said like-for-like sales in its high street sports fashion stores were “marginally positive”, but lifted 4% including online trade. Its outdoor brands – also including outlets such as Millets – endured a “difficult” first half after the prolonged summer heatwave dented demand. Total like-for-like sales, including online, for its outdoor brands just scraped into positive territory, having initially risen by 7% in the first three months. JD Sports said: “After … [Read more...] about JD Sports shrugs off weather hit and tough market to post 19% profits hike
News / UK and world by Press Association August 13, 2018, 2:48 pm FacebookTwitterLinkedInWhatsAppEmail Sign up to our Daily newsletter Sports Direct is now in talks with House of Fraser landlords in a move that could hasten potential store closures if agreements on rents and leases fail to be reached. Commercial real estate services firm CBRE confirmed on Monday that it had been appointed to advise Sports Direct “on all property related matters in relation to its recent acquisition of House of Fraser”. Some landlords have already been in touch with CBRE, which said “contact will be made to all landlords over the following days”. Talks will centre around rental costs and the length of leases, though local councils will also be part of negotiations in some cases given the impact of business rates on the retailer. Like many high street peers, House of Fraser has been stung by soaring costs and falling consumer spending power. The … [Read more...] about Sports Direct launches negotiations with House of Fraser landlords
LONDON (Reuters) - The purchase by Sports Direct <SPD.L> of department store group House of Fraser drew a cautious response from analysts on Monday, with some saying the deal could backfire on Mike Ashley, the sportswear retailer's founder and chief executive. Ashley, who also owns English Premier League soccer club Newcastle United, on Friday snapped up the 169-year-old House of Fraser's 58 UK stores, its brand and its stock for 90 million pounds hours after it collapsed into administration. He has given away little about his plans for the company, beyond stating that he would keep as many stores open as possible and transform the chain "into the Harrods of the High Street" - a reference to the Qatari-owned luxury department store in London that was once owned by House of Fraser. Shares in Sports Direct were down 1.7 percent at 1015 GMT on Monday, reflecting concerns about the wisdom of the acquisition given Ashley's disastrous investment in rival department store group … [Read more...] about Sports Direct’s House of Fraser purchase fails to convince analysts
MIKE Ashley is a billionaire businessman best known for owning Sports Direct and Newcastle United FC. Here's all you need to know about the 52-year-old... Who is Mike Ashley? Sports retailer tycoon Mike Ashley was born in Burnham, Buckinghamshire, 1964. After leaving school at 16, he was a county level squash player but after injury he went into coaching instead. He opened his first sport and ski shop in Maidenhead in 1982 using a £10,000 loan from his family, before opening other stores in and around London. Ashley owns a £5million mansion with landscaped gardens and an outdoor pool in Totteridge, North London. The tycoon also has a £5million helicopter for his commute into work. He bought the impressive home in 1993 after another mansion in Hertfordshire proved too small for his family. What is the Sports Direct boss's net worth? Mike Ashley has a net worth of around £2.8billion. The billionaire ranks 58 on the Sunday Times Rich List 2018. He built his fortune … [Read more...] about What is Mike Ashley’s net worth, who is the Sports Direct boss’s ex-wife Linda and what was the result of his High Court battle?