May 18, 2017

Sports Direct extends reach in US with stakes worth $95m

Sports Direct has inched further into the US market by adding stakes in a footwear retailer and a brand licensing company, doubling down on transatlantic investments just a month after it confounded analysts with its $100m purchase of two bankrupt retail chains. Some Sports Direct shareholders have privately expressed unease at the retailer's march into the US, a country that has humbled British retail giants including Tesco and Marks and Spencer. The latest overseas move, announced on Thursday afternoon, comes a fortnight after a non-executive director abruptly walked out of Sports Direct. Mr Ashley said at the time that he maintained "My total commitment to taking Sports Direct forward in our own unique way, and this has led to a change at board level". Sports Direct makes about one-third of its revenue from its 233 stores outside the UK, but its overseas expansions have not always gone smoothly.

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