UK: JD Sports confirms "advanced" Blacks talks
On Friday, Blacks announced that it will go into administration as part of plans to sell the business. The pre-pack arrangement will allow a buyer 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.
Blacks Leisure has 98 Blacks outlets and 208 Millets outlets. It also owns the Peter Storm and Eurohike brands.
In a statement to the London Stock Exchange, JD Sports said: "JD notes the press speculation in relation to a potential offer for the assets of Blacks Leisure Group and the recent announcement made by Blacks, and confirms that it is in advanced discussions with Blacks in relation to an offer for certain of its assets."
Bidders were thought to include Dragon's Den TV star Peter Jones, JD Sports and Sports Direct, according to Reuters. However, on Friday, Peter Jones denied that he was planning to buy the retailer through his Twitter account.
Retailer JD Sports Fashion recorded a 1.5% increase in like-for-like sales in the 19 weeks to 9 June, but margins came under pressure as offers continued to drive the market....
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....
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