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Sports Direct buys UK fashion chain

Sports Direct, owned by retail entrepreneur Mike Ashley, has bought UK fashion chain Jack Wills’ and taken over its distribution centre, 100 stores and employees across the UK and Republic of Ireland in a ‘pre-pack administration’ deal. The brand’s five stores in Hong Kong have been shuttered and staff told to collect their belongings. The future of its stores in Singapore and the US is not yet known with alternative options being considered by the company’s directors.

The Jack Wills business has about 1,700 staff spread across the business, six franchised stores in Kuwait, Saudi Arabia, the UAE and the Channel Islands, and an e-commerce channel serving 130 countries.

Private-equity owner BlueGem began canvassing for prospective buyers for Jack Wills early last month after engaging advisory firm KPMG to prepare a review of the business’ prospects. According to company’s office records, the brand lost £29.3 million for the year to January 31 last year, and a £28 million cash injection from BlueGem in January this year has been almost exhausted.

 
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