UK: Blacks to enter administration as part of sale plans
The UK's largest outdoor clothing and equipment retailer, Blacks Leisure Group, today (6 January) said it will go into administration as part of plans to sell the business.
The so-called pre-pack arrangement allows potential buyers to cherry-pick the company's best assets, but leave its costly distribution warehouse and head office, as well as shed unwanted shops from its 300-store estate.
Shares in the troubled outdoor goods retailer have been suspended and KPMG lined up as administrators.
The company said it has received several final offers, and expects to announce a sale of all of the trade, assets and brands of the group within the next few days. Bidders are thought to include Dragon's Den TV star Peter Jones, JD Sports and Sports Direct, according to Reuters.
However, Sports Direct, which already owns a 22.5% stake in the chain, announced in a filing to the London Stock Exchange in the middle of December that it does not intend to pursue a bid for the chain.
Blacks Leisure operates 208 Millets and 98 Blacks Outdoor stores and also owns the Peter Storm and Eurohike brands. In line with an earlier filing, the company reiterated that none of the offers attribute a value for the company's shares.
The news follows weeks of speculation over possible buyers for the retailer, and follows recent closures announced by La Senza, Barratts and D2 Jeans.
UK retailer Sports Direct is expected to join the running for Umbro after the sportswear giant put the football wear brand up for sale last week. ...
Strong sales at UK sportswear retailer Sports Direct have led it to raise its earnings targets and increase the size of a payout to founder Mike Ashley....
UK sportswear retailer JD Sports has seen its full-year pre-tax profit hit by its acquisition of Blacks Leisure, the UK's largest outdoor clothing and equipment retailer, earlier this year....
The former chief executive of JJB Sports, Chris Ronnie, has been charged with a series of offences relating to an alleged GBP1m fraud, following an investigation by the Serious Fraud Office. ...
- Can Gap maintain its momentum minus Larsson?
- Brands back Cambodia industry-wide wage bargaining
- Patagonia's CSR commitments re-shaping the sector
- Can robotics redefine apparel manufacturing?
- Zalando: profit is so last season
- Unions agree proposed Cambodia minimum wage
- New CEO may focus on Ralph Lauren supply chain
- Nike collaborates on low-impact textile challenge
- Old Navy's Larsson to replace Ralph Lauren as CEO
- H&M falling behind on Bangladesh factory safety?
- The future market potential for smart garments and e-textiles
- Global Database of the Top 1000 Apparel Producers - Company Names, Financial Performance, and Contact Details
- Global market review of lingerie - forecasts to 2020
- Outdoor performance apparel: peaks, valleys, and green fields
- Myanmar's Garment Sector in 2015 - now with updated members' directory