Sports Direct buys Republic stores
Sports retailer did not reveal financial details of the transaction
By CFOWorld.co.uk staff | CFO UK | Published 17:27, 28 February 13
Retailer Sports Direct founded by Mike Ashley, the owner of Newcastle United football club, announced on Thursday that it had bought 114 Republic stores from the beleaguered retailer’s administrators.
In statement, the company said it had also purchased Republic's stock, website and corporate branding but refused to reveal the financial details of the deal. Sports Direct has nearly 400 outlets across the UK and owns Lillywhites stores. The company also holds branding rights for Slazenger, Dunlop and Lonsdale.
In October 2012, Sports Direct bought 20 stores and the entire stock, from the administrators of rival JJB Sports.
Earlier this week, Mike Ashley divested 4 percent of his holdings in Sports Direct for £100 million. The company said on Tuesday that Ashley had sold 25 million shares, thereby diluting his majority stake to 64 percent.
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