UK: Sports Direct sets sights on Elverys acquisition
Elverys, the oldest sports chain in Ireland, operates 55 stores
UK retailer Sports Direct has welcomed news that a temporary examiner has been appointed for Elverys, as it sets its sights on acquiring the Irish sportswear chain.
Simon Coyle of Mazars was appointed to the position earlier this week, Sports Direct told just-style. In a statement, company CEO Dave Forsey said he hopes a permanent appointment over the next week will "lead to a fair and transparent process" over the future ownership of Elverys.
The comments come after Sports Direct earlier this week refused to be drawn on reports its Irish partner Heatons offered to pay EUR2.5m (US$3.4m) more for Elverys than a EUR10m offer from the chain's management.
Elverys, which runs 55 stores in Ireland, was set to be placed into receivership before being acquired by a management team backed by financial firm Capnua.
Today (7 February), Forsey said: "Elverys would be an excellent strategic fit for Sports Direct in the Republic of Ireland, giving us essential access to the important rugby replica kit market.
"Similar to the UK, where Adidas has threatened to restrict supply of the new Chelsea football kit to Sports Direct, we understand that Heatons has also been restricted from the supply of the Adidas sponsored Munster rugby kit."
He added the Adidas policy is "not in the interests of consumers", because restricting the supply of Adidas replica goods could increase the retail price shoppers have to pay.
"We believe we can offer the best solution for the future ownership of Elverys, which would be in the interests of all the stakeholders including the Irish taxpayer, creditors, consumers and employees."
Sports Direct International owner Mike Ashley has placed his USC apparel chain into administration and re-acquired it through his Republic clothing fascia....
Sports Direct International Plc. has been one of the successes in UK high street retail over the last 10 years. The sports apparel and equipment retailer has grown rapidly, hastening the demise of for...
UK retailer Sports Direct International has remained tight lipped over reports it is planning to close up to a third of its loss-making USC fashion stores....
Introduction Footwear in the United Kingdom industry profile provides top-line qualitative and quantitative summary information including: market size (value 2009-13, and forecast to 2018).......
UK retailer Sports Direct International has delivered a robust performance in its first-half, analysts have said, with earnings up nearly 10%....
Introduction Footwear in Belgium industry profile provides top-line qualitative and quantitative summary information including: market size (value 2009-13, and forecast to 2018). The profil......
Australian retailer Pacific Brands has completed its divestments of the Brand Collective and Workwear businesses....
This report provides information, analysis and valuable insight on developments relating to the performance apparel industry in the following categories: acquisitions, divestments and mergers; corpora...
- Where next for 3D design and prototyping?
- What Marks & Spencer's numbers mean for clothing
- Balance essential in garment supply chain
- Tanzania adds to Africa’s apparel sourcing mix
- Apparel buyers miss out on commodity cost savings
- Brandix named PVH ‘Global Supplier of the Year’
- Earthquake damage at Bangladesh garment factories
- Ascena Retail to buy Ann Taylor owner for $2bn
- AGOA delays drag on sourcing decisions
- China and India to exploit trade relationship