UK: Blacks continues restructuring amid takeover talk
Store roll-out to continue as planned
Blacks has today (8 March) commenced a store rollout programme as part of its ongoing turnaround plan.
The company, which recently cancelled a general meeting after shareholder Sports Direct said it would block a GBP20m (US$30m) share issue, said terms have been agreed on five new Blacks stores in Glasgow, Chester, York, Cheltenham and Stratford-upon-Avon.
Sports Direct has since announced it is considering a takeover bid for the company, which today said in response: "In the absence of any concrete takeover offer from Sports Direct International, the company intends to continue with the process of raising additional equity to further support the store rollout programme and is currently negotiating further new sites for both the Blacks and Millets brands."
Blacks said the store rollout was being funded from cashflow within the business after a strong trading performance over Christmas.
Neil Gillis, CEO of Blacks Leisure, said: "We are now two years into the turnaround programme for Blacks Leisure.
"The restructuring of the company last year has put us into an ideal position to now expand the business and the commencement of the store rollout programme is a critical point in the next phase of this turnaround programme."
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