Sports Direct founder Mike Ashley is planning to launch a new chain of discount stores in order to take a bigger stake of the high street.
The first store in the Mega Value chain has been opened in Kidderminster, Worcestershire, at the site of a department store that closed down last year, according to The Mail on Sunday.
It is understood to be similar to a B&M or Wilko store and is Ashley’s first step outside the fashion and sports markets.
Sports Direct is preparing to launch a website under the names MegaValue.com and MegaValueDirect.com.
The news comes as Shop Direct announces it is to close the Woolworths website next month. Shop Direct acquired the rights to the name following the chain’s demise in Christmas 2008. It is thought Ashley will make a bid for the name.