Apr 21, 2017

Sports Direct: westward ho

Sports Direct, the FTSE 250 group in which Mr Ashley is the biggest shareholder, on Friday confirmed that it would pay $101m to take the company out of Chapter 11 bankruptcy proceedings. Sports Direct's backing should restore creditors' faith and result in better buying terms with big suppliers. Eastern is at least a relatively small company - 86 stores, compared to Sports Direct's 700-strong estate - operating in fairly affluent states on the east coast. Sports Direct bought a small stake in Dick's Sporting Goods in January 2016. Republic, a 116-store UK fashion chain bought out of administration in 2013, now forms just one part of Sports Direct's premium brands business.

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