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Sports Direct drops out of FTSE 100

Sports Direct has been relegated from the FTSE 100 following a 40% drop in the firm’s share price since the start of December.

Sports Direct Oxford Street exterior

Sports Direct Oxford Street exterior

Sports Direct Oxford Street exterior

The sportswear retailer was degraded from the top 100 listed firms in the UK following a £1.6bn drop in value over three months.

The retailer issued a profit warning in January saying it was “no longer confident” that it would meet its underlying EBITDA target of £420m for the full year.

Sports Direct has been heavily criticised for its treatment of staff at its Shirebrook headquarters and warehouse.

Frances O’Grady, the general secretary of the TUC, told The Guardian it was a “cautionary tale” for companies who” treat their workers badly”.

“The reputational and financial damage Sports Direct has suffered is of its own making. Subjecting staff to workhouse conditions is not the way to build a successful business. Shareholders must demand root and branch changes or Sports Direct’s name will continue to be dragged through the mud.”

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