UK: Blacks Leisure to shut 45 Millets stores
Outdoor sports and leisurewear retailer Blacks Leisure Group Plc is closing around 45 loss making Millets stores as part of a reorganisation to stem falling sales.
The company, which also operates the Blacks, Freespirit and O'Neill fascias, says the store closures will cost around GBP14m (US$27.5m) and could lead to the loss of up to 100 jobs.
The group also issued another profits alert, saying its results for the year to end-February 2007 will be "broadly break even."
As a result of its cost-cutting measures, the roll-out of its Blacks Out of Town stores is being trimmed from ten to two in 2007-08, and has asked non-executive director Don Trangmar to act as a consultant to the commercial and product development teams.
"Together with continued tight controls on costs and working capital, these initiatives are expected to drive a materially improved performance in the next financial year," said chief executive Russell Hardy.
The troubled group has issued three profit warnings in the past seven months, blaming plummeting sales on a difficult Christmas and early post-Christmas period, unseasonably mild weather and growing price pressure from the rest of the market.
Help test our new apparel sourcing tool.
Outdoor retailer Blacks Leisure Group has been able to capitalise on the UK's rainy conditions during May and June and report an upturn in sales....
Outdoor clothing retailer Blacks Leisure Group Plc has instigated a strategic review of its 49 Freespirit stores, which sell surf, skateboarding and snowboarding gear....
UK-based outdoor retailer Blacks Leisure Group has parted ways with chief executive Russell Hardy....
The chairman of Mike Ashley's Sports Direct International chain, David Richardson, who is also a company director, is quitting his position at the company....
Outdoor retailer Blacks Leisure Group Plc today posted a break-even result before tax and exceptional items in what it described as a "difficult" year, but remained upbeat on its future prospects....
Consumer group Which? is suing high street retailer JJB Sports on behalf of fans who were unlawfully overcharged for football shirts....
Sports Direct founder Mike Ashley has netted GPB929m (US$573.5m) from an initial public offering of shares on the London Stock Exchange....
Sports Direct International has announced it has "no intention" of making a bid for Blacks Leisure Group, knocking down mounting speculation that it could be close to making an offer....
- Unlocks for the future fashion sourcing landscape
- What TTIP might mean for US, EU textiles & apparel
- EU eyes mandatory due diligence for apparel supply
- Geo-political uncertainty and how to survive it
- Where next for Corporate Human Rights Benchmark?
- Li & Fung forms supply chain partnership with PVH
- US Q4 in brief – Finish Line, Oxford Industries
- Sears has "substantial doubt" of future
- World Bank commits $57bn to sub-Saharan Africa
- Target unveils "ambitious" store re-design plans
- Central and East Europe Report Package
- Central America strategic sourcing review - a focus on Guatemala, El Salvador and Honduras
- Southeast Asia strategic sourcing review – a focus on Cambodia, Vietnam and Myanmar
- When Things Go Wrong - A Practical Guide to Managing Common Problems in Apparel Sourcing
- Outdoor performance apparel 2016: A broader perspective