Jack Wills’ new owner, Sports Direct, is reported to be negotiating with landlords to slash rents across its 100-store portfolio.
City AM has said this morning that Sports Direct hopes to reduce rents in poorly performing stores, and Jack Wills shops could be closed if new deals cannot be struck.
CBRE is advising Sports Direct on the Jack Wills property portfolio. Michael Murray, Sports Direct’s head of elevation, has said that Jack Wills has “over-extended itself” in its physical retail offer.
Sports Direct bought Jack Wills for £12.8m in a pre-pack administration deal earlier this week. All 100 Jack Wills stores in the UK and Ireland, as well as the distribution centre, will be transferred to Sports Direct, along with all 1,700 employees.
Jack Wills appointed KPMG to carry out a review of the business and explore future opportunities last month.