UK: Sports Direct eyes Blacks Leisure stake
Sporting goods retailer Sports Direct is looking to acquire an additional stake in outdoor apparel company Blacks Leisure Group, and said it intends to vote against resolutions at a forthcoming general meeting if it does.
According to a statement on the London Stock Exchange, the company is in dispute over the ownership of certain interests in both Blacks Leisure Group and JD Sports Fashion with Kaupthing Singer & Friedlander, which is in administration.
It wants to acquire 12,153,071 ordinary shares in Blacks and 5,775,255 ordinary shares in JD from Kaupthing, "on the basis that the acquisition would be without prejudice to certain existing rights of the parties".
If such rights in the shares are acquired, Sports Direct intends to vote against resolutions at a Blacks general meeting on Wedensday (24 February), the retailer added.
No further details were given but Blacks will look to pass resolutions related to fundraising plans at the meeting.
In response, the outdoor retailer said in a statement: "Blacks Leisure is seeking further clarification of the intentions of Sports Direct and SW1 and a further announcement will be made in due course."
The near-shoring of apparel and footwear goods is increasingly important to fashion businesses, according to a survey by just-style. ...
Taking a look at the week ahead for the footwear and apparel industry, here is news editor Joe Ayling's snapshot of just-style's latest news and insights agenda. ...
UK sporting goods retailer Sports Direct increased profits by around 50% during the fiscal year, bolstered by stronger sales at home and abroad. ...
Retailer Blacks Leisure posted a 30% slump in sales in the 17 weeks to the end of June, hit by poor trading in May and last year's widespread store closures....
- Will new Vietnam wage hinder competitiveness?
- Digitisation to drive new apparel-making models
- Fashion fit for the future – strategies for speed
- Under Armour Lighthouse will disrupt production
- How TAL Apparel is staying ahead of the game
- Gap to shutter all UK Banana Republic stores
- MAS Holdings shares commitment to sustainability
- M&S "unappealing" clothing a barrier to growth
- Modern Slavery Act boosts supply chain engagement
- Bangladesh tops China as lead cotton importer
- Africa-Med strategic sourcing review – comparing East Africa, North Africa and Turkey
- REPORT BUNDLE: Africa-Med, Southeast Asia and Central America strategic sourcing pack
- Southeast Asia strategic sourcing review – a focus on Cambodia, Vietnam and Myanmar
- Apparel (GLOBAL) - Industry Report
- Global Sports and Fitness Wear Market 2016-2020