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Sports Direct to stop buying distressed retailers

Sports Direct has said it will not buy any more distressed retailers until politicians introduce better protection for shareholders.

In a statement, it said: “Whilst there continue to be retailers in distress - with the latest example being Mothercare - Sports Direct currently has no intention of looking at saving any of these retailers whilst there is a lack of protection for shareholders or owners, because unscrupulous politicians are more interested in their own PR than doing what is right.”

Sports Direct bought Jack Wills for £12.8m in a pre-pack administration deal in August this year and acquired House of Fraser from administrator EY for £90m in 2018.

The retailer also launched an attack on Rachel Reeves, chairwoman of the Commons’ business, energy and industrial strategy committee, calling on her to investigate the collapse of Debenhams.

Readers' comments (1)

  • Sports Direct aren't the patron saint of distressed retailers. They buy them purely to make money and is not relevant to Government in any way, shape or form.

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