Sports Direct to shut Evans Cycles stores in rescue deal

Evans Cycles Billionaire Mike Ashley has announced a deal to buy Evans Cycles which will see half of the bike chain's shops close, resulting in hundreds of job losses. The struggling firm was placed into administration before being sold to Sports Direct International. Mr Ashley, who founded Sports Direct, said: "In order to save the business, we only believe we will be able to keep 50% of stores open in the future." In August, Sports Direct paid £90m to buy House of Fraser shortly after the department store chain entered administration. "James Keany at commercial property firm CBRE, which is advising Sports Direct on Evan Cycles, said:"We are looking forward to working with landlords in order to help create a sustainable business.

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