"[43], The company announced on 16 December 2019 that it would change its name from Sports Direct International plc to Frasers Group plc effective from 17 December 2019. [28] Sumitomo already own the rights to the brand in Japan, South Korea and Taiwan. [57], In December 2020, Debenhams announced it was going into liquidation, putting 12,000 jobs in 124 UK stores at risk unless the administrators could find buyers for all or parts of the business. [39][40] As of March 2017, some Sports Direct workers are yet to receive backpay for their time worked, because of a disagreement regarding how contracts changing between employment agencies should be handled. Harveys – 240 jobs30 June: Administrators made 240 redundancies at the furniture chain Harveys, with more than 1,300 jobs at risk if a buyer cannot be found. The acquisition allowed Sumitomo Rubber to consolidate the Dunlop brand across various products including sports goods worldwide. [23] In July 2013, more than 2,000 full-time staff were awarded around £70,000 each under the company's bonus share scheme. Later that day, Sports Direct agreed to buy all House of Fraser UK stores, the House of Fraser brand, and all of the stock in the business for £90 million in cash. WH Smith – 1,500 jobs5 August: The chain, which sells products ranging from sandwiches to stationery, will cut jobs mainly in UK railway stations and airports. Sales at its core sports business decreased 14.6%, but edged up 0.7% including the contribution from the digital gaming group Game, which is now part of that division. [55], On 5 August 2019, Sports Direct purchased Jack Wills out of administration for £12.7 million after winning a competition against Edinburgh Woollen Mill. The chain, part of Mike Ashley's Frasers Group that owns Sport Direct, has closed about 10 of the 59 stores bought out of administration in 2018. Explore Frasers Property, a diverse, multi-national property company | In residential, retail, commercial, industrial, logistics, hospitality development and management, we believe experience matters. [34] A representative from the charity ShareAction claimed that workers are "jeopardising their health" for fear of being dismissed while another shareholder said the company's reputation as an employer was "atrocious". Boots – 4,000 jobs9 July: Boots is cutting 4,000 jobs – or 7% of its workforce – by closing 48 opticians outlets and reducing staff at its head office in Nottingham as well as some management and customer service roles in stores. In the early 1980s, the firm began divesting its non-property assets. Frasers group held talks earlier this year with the administrator of Debenhams but claimed then it had been “frozen” out of the process and was not receiving adequate information. [44], The group has over 470 UK stores including the chains Sports Direct (Sports World prior to 2008), Lillywhites, House of Fraser, Flannels, Evans Cycles, Sofa.com, Field & Trek and USC. Frasers Group, which owns Sports Direct, House of Fraser, and Flannels, has bought out the retailer’s stores as well as its online operations. Whitbread - 6,000 jobs22 September: Whitbread, which owns the Premier Inn, Beefeater and Brewers Fayre chains, said it would cut 6,000 jobs at its hotels and restaurants, almost one in five of its workforce. The rest have been closed but some may be reopened by Frasers in due course, said BDO. But Frasers Group has been a rare bright spot, forecasting growth despite COVID-19. Administrators BDO said 43 of the group’s 73 gyms – three not yet reopened – and 31 of its 50 shops had been transferred to Frasers Group. TM Lewin – 600 jobs30 June: Shirtmaker TM Lewin closed all 66 of its outlets permanently, with the loss of about 600 jobs. Frasers Group: Owner of Frasers Group Mike Ashley says he has been "frozen out" of the auction of Debenhams, reports The Sunday Times, as restructuring firm Hilco is preparing to liquidate parts of the department store's business. Harrods – 700 jobs1 July: The department store group is cutting one in seven of its 4,800 employees because of the “ongoing impacts” of the pandemic. Total group revenues increased from £3.7bn to £3.9bn after a number of acquisitions including Game, Sofa.com and the fashion brand Jack Wills. [18] It was announced on 1 October 2012, that Sports Direct had purchased rival retailer JJB's brand name, website, 20 stores and all of their stock in a deal for approximately £24m. Frasers Group, which owns companies including Flannels, Sports Direct and Jack Wills, also said it had an eye on an acquisition if Arcadia does collapse. DW Group, founded by the former Wigan Athletic owner Dave Whelan, fell into administration last month, putting 1,700 jobs at risk, and Monday’s deal safeguards 922 of those. Sports Direct owner Frasers Group has seen its half year pre-tax profit rise by 17.6% to £106.1 million. DW’s Fitness First Clubs have been unaffected by the administration and the subsequent sale. [38], In August 2016, Sports Direct admitted breaking the law and will disburse unlawfully withheld wages totalling about £1m to the affected workers. Monday, January 04 2021 Mike Ashley’s Frasers Group has acquired the stores and online business of fashion retailer Psyche for an undisclosed sum. [48] Most of these brands were bought from distressed sellers. Azzurri – 1,200 jobs17 July: The owner of the Ask Italian and Zizzi pizza chains closes 75 restaurants and makes its Pod lunch business delivery only. [31], In October 2015, the chief executive of Sports Direct, David Forsey, was charged with a criminal offence for consultation failures over USC staff who only had 15 minutes notice of redundancy. Mr Wootton said Frasers is still in talks around potentially buying Debenhams, after the Sports Direct owner confirmed it was in talks over a move on Monday. The Frasers sites will … [1] 1995/96 saw the stores change to "Sports Soccer" along with the re-location of head office and warehouse to a 100,000 sq. In 1987, Fraser and Neave and Goodman Fielder Wattietook control of Cold Storage Holdings, the holding group f… The company was founded by Mike Ashley in 1982 as a single store in Maidenhead trading under the name of "Mike Ashley Sports". [5] Other retailers owned by the company include Jack Wills, Flannels, USC, Lillywhites, Game, and Evans Cycles. The Restaurant Group – 3,000 jobs3 June: The owner of dining chains such as Wagamama and Frankie & Benny’s has closed most branches of Chiquito and all 11 of its Food & Fuel pubs, with another 120 restaurants to close permanently. [35], Late in December 2015 Sports Direct announced a 15 pence per hour increase for staff currently receiving less than minimum wage, taking them above minimum wage,[36] the annual cost of this was said in the announcement to be ~£10 Million (GBP); however it was immediately noted that £0.15p × 37.5 hours × 19,000 staff × 52 weeks = 5,557,500 (~£5.5 million), this and other factors resulted in many (including Unite) calling it a "PR Stunt". The overall deal, which excludes the DW business names and intellectual property, could be boosted by a further £6.9m, depending on how many of the property lease holdings Frasers Group acquires. Sports Direct stated at the time it intended to be a supportive share holder. [1][11] In 2005 the company began a major rebrand of the stores, changing the fascias to Sports World. Mulberry – 470 jobs8 June: The luxury fashion and accessories brand is to cut 25% of its global workforce and has started a consultation with the 470 staff at risk. [27], In December 2016, Sports Direct agreed to sell the remaining international rights to its Dunlop brand to Sumitomo Rubber Industries for £112 million ($137.5 million). “The transaction complements the existing gym and fitness club portfolio within the company’s group and is consistent with the group’s elevation strategy,” the company said. He hired Merrill Lynch, who valued the group at up to £2.5bn ahead of a possible flotation on the London Stock Exchange. Frasers already owns the House of Fraser chain, another department store, which it also bought out of administration, providing potential synergies if he were to merge the two. [1] Ashley incorporated the business in 1999. [29] In July 2017, the company acquired a 26% stake in Game Digital. Construction on that development started in 1980 and was completed in 1983. [46] This was followed by the acquisitions of outdoor gear manufacturer Karrimor in March for a reported £5 million. Sports Direct formerly held 5% of Amer Sports. The number of retail stores had now increased to 50, along with the acquisition of the tennis and golf brand, Donnay. “Mike Ashley’s Frasers Group has a track record in snapping up distressed firms and, given DW Sports was a former rival to Sports Direct, it’s an acquisition that is perhaps even more appealing,” said Susannah Streeter, senior investments and markets analyst at Hargreaves Lansdown. Marks & Spencer – 950 jobs20 July: The high street stalwart cuts management jobs in stores as well as head office roles related to property and store operations. Pret a Manger – 1,000 jobs6 July: Pret a Manger is to permanently close 30 branches and could cut at least 1,000 jobs after suffering “significant operating losses” as a result of the Covid-19 lockdown. [32][33] In December 2015, an investigation by The Guardian found that the company fines staff for late clocking on, does not award overtime for late clocking off, relies on zero hour contracts, and regularly makes staff wait unpaid for a security check at the end of shifts. Oasis and Warehouse – 1,800 jobs30 April: The fashion brands were bought out of administration by the restructuring firm Hilco in April, with all of their stores permanently closed and 1,800 jobs lost. The assistant store manager role will go across all shops. [6] Its ownership of the Everlast name inspired the launch of the Everlast Fitness Club chain in 2020.[7]. Sports Direct owner Frasers Group has acquired some of the assets of Dave Whelan Sports from its administrators for an initial sum of £37 million. [1] The Lillywhites chain of 10 stores and the Lonsdale brand were acquired in 2002 and by 2003, the number of retail stores had increased to 150. The company is best known for trading predominantly under the Sports Direct brand, which operates in both physical outlets and online. Frasers Group (FRAS.L), the retail company owned by billionaire Mike Ashley, is committed to physical stores despite the decline of the high street. Mike Ashley’s Frasers Group has acquired the gym and fitness chain DW Sports in a deal potentially worth up to £44m, but only half of the company’s jobs have been saved. [53], On 30 October 2018, Evans Cycles was purchased by Sports Direct in a pre-pack administration deal. Sports Direct says it intends to run the DW business under its Everlast brand. Mike Ashley's Frasers Group saves 922 jobs in £37m DW deal. Ashley incorporated the business in … [11], In 2016, Sumitomo Rubber Industries, a global tyre, sports goods, and industrial rubber products manufacturing company based in Kobe, Japan, filed for regulatory approval before the Philippine Competition Commission in connection with its planned acquisition of Dunlop-related wholesale, manufacturing, and licensing business from Sports Direct. “the most challenging year in the history of the company”. Casual Dining Group – 1,900 jobs2 July: The owner of the Bella Italia, Café Rouge and Las Iguanas restaurant chains collapsed into administration, with the immediate loss of 1,900 jobs. Mike Ashley's Frasers Group has confirmed it is considering buying Arcadia … Investors in Sports Direct owner Frasers Group are hoping that the company will have been boosted by strong online and reopening sales when it reveals … [61], Austrian sports chain in a 51% stake was acquired for €40.5m (£34.6m) in May 2013. Celtic Manor – 450 jobs9 July: Bosses at the Celtic Collection in Newport, which staged golf's Ryder Cup in 2010 and the 2014 Nato Conference, said 450 of its 995 workers will lose their jobs. Marston's - 2,150 jobs15 October: Marston's - the brewer which owns nearly 1,400 pubs, restaurants, cocktail bars and hotels across the UK - said it would cut 2,150 jobs due to fresh Covid restrictions. The ambulance service received three calls about women experiencing pregnancy difficulties, including one who gave birth in the site's toilets. [52], The Philippine Competition Commission approved the regulatory filing for the said acquisition. [16], In July 2008, it was disclosed that Sports Direct also held a 12.3% holding in the John David Group, parent of JD Sports. The cuts include the 1,000 job losses announced on 6 July. [51], The brands themselves are an increasingly important part of the business, and Sports Direct made £10 million, from selling the intellectual-property rights to the Slazenger Golf brand to arch-rival JJB in 2005. The sale is due to be completed by May 2017. (Bloomberg) -- Mike Ashley’s Frasers Group Plc is in last-ditch talks to buy the ailing Debenhams department store in a move which could save thousands of jobs. It came as Frasers Group, which also owns Flannels, Evans Cycles, Jack Wills and House of Fraser, said strong online sales and a boost since the first lockdown ended had increased its profits in the last six-month period. Debenhams – 4,000 jobs9 April: At least 4,000 jobs will be lost at Debenhams in its head office and closed stores after its collapse into administration in April, for the second time in a year. Frasers Group plc (formerly Sports Direct International plc) is a British retail group, named after its ownership of British department store chain, House of Fraser. Frasers-owned retail empire Sport Directs this morning raised the lower end of its annual forecast as it reported a 25 per cent rise in first-half core earnings. - Retail Gazette", "Mike Ashley's Frasers Group in talks to buy collapsed Debenhams", "Debenhams gift cards expire as Mike Ashley considers empty stores", Major European expansion for Sports Direct, "Mike Ashley's Frasers Group snaps up stake in luxury brand Mulberry", "Sports Direct sells Dunlop for $137m | Business", "Ashley sells Original Shoe Company to JJB", Henderson Smaller Companies Investment Trust, JPMorgan Emerging Markets Investment Trust, JPMorgan European Smaller Companies Trust, Sequoia Economic Infrastructure Income Fund, Templeton Emerging Markets Investment Trust, https://en.wikipedia.org/w/index.php?title=Frasers_Group&oldid=999978630, Sporting goods retailers of the United Kingdom, Companies listed on the London Stock Exchange, Articles with dead external links from October 2010, Short description is different from Wikidata, Creative Commons Attribution-ShareAlike License, This page was last edited on 12 January 2021, at 22:34. Last week Frasers Group threatened to close stores if landlords did not agree to move to rents based on sales figures, saying that Brexit and the coronavirus pandemic had led to “the most challenging year in the history of the company”. The Debenhams board responded by stating they were open-minded with regard to exploring operational opportunities to improve its performance. Cath Kidston – 900 jobs21 April: More than 900 jobs were cut immediately at the retro retail label Cath Kidston after the company said it was permanently closing all 60 of its UK stores. Burberry – 500 jobs worldwide15 July: Total includes 150 posts in UK head offices as luxury brand tries to slash costs by £55m after a slump in sales during the pandemic. Prior to the company entering administration, Sports Direct's Mike Ashley held an 11% stake in the company. [37] Workers on zero-hours contracts are not included in the rise and neither are those already paid more than minimum wage (management/supervisors etc.) [9] Mike Ashley has continued to hold a majority stake in the business, and his holding has been 61.7 percent since October 2013. The Information Commissioner's Office stated it was aware of "an incident from 2016 involving Sports Direct" and would "be making enquiries. Debenhams saw a glimpse of hope when Mike Ashley’s Frasers Group confirmed over the weekend that it was in 11th-hour talks with the department … 1995/96 saw the stores change to "Sports Soccer" along with the re-location of head office and warehouse to a 100,000 sq. [41] In November 2016, six MPs from the Business and Skills Committee visited Sports Direct, and reported that while there, Sports Direct attempted to place them under surveillance. Underlying pre-tax profits for the group fell by 18% to £117.4m in the year to 26 April. [1], In late November 2006, a number of business newspapers reported that Ashley was looking at an IPO of Sports World International. [14] In May 2007, it was also revealed that Ashley had held talks with John Hargreaves, founder of Matalan on both taking a 25% stake in the troubled retail business and installing mezzanine floors in larger Matalan stores, on which SportsDirect.com outlets could be operated. Mike Ashley’s Frasers Group has reported an 18% rise in pre-tax profits as it continues talks about the potential acquisition of Debenhams. In 1984, Preston Sports shop was opened in London and by 1992 the company had 12 stores. Frasers Group PLC (LON:FRS) was first to warn today that it was ripping up its previous guidance of a healthy profit increase this year. The company responded by saying there were unspecified inaccuracies in the reports. High street and internet retailer created from the merger of Sports Soccer and Sports World, and progressively rebranded as SportsDirect.com since 2007 after the company's, Purchased by Gilesports and merged with SportsDirect.com, "SPORTS DIRECT INTERNATIONAL PLC - Overview (free company information from Companies House)", "Mike Ashley's Frasers Group unveils £100m incentive for staff", "Frasers says it will strengthen its gym and fitness business Everlast with latest acquisition. Frasers Hospitality, a member of Frasers Property Group, is a global hospitality operator with Gold-Standard serviced apartments, hotel residences and boutique lifestyle hotels across Australia, Southeast Asia, North Asia, Middle East, Africa, Europe and the UK. The first property it developed was a shopping centre known as The Centrepoint located on Singapore's Orchard Road. [12] The group debuted on the exchange on 27 February 2007. A union official suggested that these practices were illegal as they brought workers' earnings below the minimum wage. therefore the 19,000 staff above is actually substantially fewer. The deal includes the company’s gym and fitness business as well as some stock, but excludes the Dave Whelan business names and intellectual property. M&Co – 400 jobs5 August: M&Co, the Renfrewshire-based clothing retailer, formerly known as Mackays, will close 47 of 215 stores. In 2006 it overtook JJB Sports as the UK's largest sportswear retailer. [17] The stake is currently 11.9% of JD Sports as of November 2013. Billionaire Mike Ashley’s Frasers Group said on Thursday that pre-tax profit in the 12 months to 26 April 2020 fell 19.9% to £143.5m ($187.6m). The deal saved around 550 jobs. [10] It is listed on the London Stock Exchange and it is a constituent of the FTSE 250 Index. Frasers Group acquires Psyche. Pret a Manger – 2,890 jobs27 August: The majority of the cuts are focused on the sandwich chain's shop workers, but 90 roles will be lost in its support centre teams. [1] The number of retail stores had now increased to 50, along with the acquisition of the tennis and golf brand, Donnay. “Frasers Group looks forward to elevating the gym and fitness assets acquired … under the group’s existing Everlast brand.”. [30], From January 2013 to December 2014, 76 ambulances or paramedic cars were sent to the postcode for Sports Direct's distribution centre, according to a Freedom of Information request by the BBC. The Sports … [54], In February 2019 the group acquired Sofa.com for a nominal sum. DW Group, founded by the former Wigan Athletic owner Dave … Frasers Group, which also owns Sports Direct, House of Fraser, Evans Cycles and Flannels, is to pay an initial cash consideration of £37m. After looking at a takeover,[49] Sports Direct took a £9 million stake and signed a lucrative long-term deal in August 2005 with troubled brand Umbro,[50] which was subsequently sold to Nike. Mike Ashley’s Frasers Group has acquired the gym and fitness chain DW Sports in a deal potentially worth up to £44m. [11], By 2000, the business had 80 stores, and had formed a joint venture in Belgium, with 22 stores trading as Disport. NEWCASTLE United owner Mike Ashley’s Frasers Group has issued a profit warning. Marks & Spencer – 7,000 jobs18 August: Food, clothing and homewares retailer cuts jobs in central support centre, regional management and stores. [15] In June 2007, the company acquired Everlast for £84 million. Pizza Express – 1,100 jobs7 September: The restaurant chain confirms the closure of 73 restaurants as part of a rescue restructure deal. Frasers Group PLC , the owner of House of Fraser and Sports Direct, said it is talking to the administrators of Debenhams PLC about potentially buying its … 06-M-077/2016: Acquisition by Sumitomo Rubber Industries Ltd. of Shares in Dunlop Brands Limited, et al. - Retail Gazette", "Shoplifting in Retail Clothing Outlets:", "Flotation makes Sports Direct founder a billionaire", "Ashley sells £106m in Sports Direct shares", "Revealed UK's first sports kit billionaire", "Personal finance – How to grow your wealth and spend less money", "Billionaire sports tycoon plots move into Matalan", "Sports Direct's Ashley rebuilds Amer stake", "The JJB stores Sports Direct has bought", "Sports Direct thrashes out deal to buy 60 JJB Sports stores", "Sold JJB Sports stores inundated with shoppers", "Republic fashion chain bought by Sports Direct", "2,000 Sports Direct staff to receive £100,000 bonus after record profits", "Sports Direct buys 4.6% Debenhams stake", "Sports Direct nets 5% stake in Debenhams", "Sports Direct takes option on Debenhams stake", "Pension expert call for scrutiny over Sports Direct sale of Dunlop", "Sports Direct buys 26% stake in Game Digital | Business", "Ambulances called to Sports Direct HQ more than 80 times in two years", "Sports Direct chief executive charged over USC administration", "Company directors face criminal charges over redundancies", "Revealed: how Sports Direct effectively pays below minimum wage", "Sports Direct denies 'Dickensian practices' in face of investor revolt", "Sports Direct's Mike Ashley promises £10m to pay staff above minimum wage", "Sports Direct accused of yet another 'PR stunt' to distract from 'Victorian' work practices", "Sports Direct's Mike Ashley agrees to pay staff national minimum wage from 2016", "Sports Direct warehouse workers to receive back pay", "Sports Direct 'to back-pay Derbyshire workers £1m, "Sports Direct workers paid less than minimum wage yet to get back pay | Business", "Sports Direct 'bugged' our visit to Shirebrook warehouse, say MPs", "Sports Direct hacked last year, and still hasn't told its staff of data breach", "Sports Direct will soon rebrand to Frasers Group", "Sports World International sales climb 45pc and knock JJB off top spot", "Game, set and match for Dunlop Slazenger", "Ashley slips Karrimor brand in his rucksack", "Sports World owner sees right fit for Kangol hats", "Sports World tycoon mulls bid for Umbro", "Commission Decision No. [52], On 10 August 2018, the House of Fraser entered administration. The slump in … [52], Sumitomo Rubber intended to acquire the entire issued share capital of Dunlop Brands Limited, Dunlop Slazenger 1902 Limited, and Dunlop Australia Limited, and the Dunlop-related business of Dunlop Sports Group Americas, Inc. which are subsidiaries of Sports Direct. “It’s likely to be some time before people bound back to the gym in greater numbers and it can be ascertained whether this latest acquisition will have been the right choice for the company.”, BDO’s Graham Newton said: “We are pleased to have achieved a sale of a significant part of the DW Sports business as a going concern, as this will not only secure employment for the majority of employees, but should also result in a return to the company’s creditors in due course.”. For the year to the end of March, DW’s accounts show the business had assets worth £194m but ran up a loss of £20m. [25][26] Sports Direct sold its shares on 16 January 2014, although they took out an option to buy further shares up to a total of 6.6%. [45], In February 2004, the company acquired Dunlop Slazenger for around £40 million, which included the Dunlop, Slazenger and Carlton brands. Clarks – 900 jobs21 May: Clarks plans to cut 900 office jobs worldwide as it grapples with the growth of online shoe shopping as well as the pandemic. The company has more than 14,000 employees. Psyche owner Steve Cochrane, who will continue as CEO following the takeover, told the BBC the deal would secure the future of his company and its 58 workers. The stock market purchase of 56.8 million shares (worth around £46m) was made without the prior knowledge of the Debenhams board. SSP Group – 5,000 jobs1 July: The owner of Upper Crust and Caffè Ritazza is to axe 5,000 jobs, about half of its workforce, with cuts at its head office and across its UK operations after the pandemic stalled domestic and international travel. [56], On 24 August 2020, it was announced that Frasers Group would buy "certain" assets from DW Sports Fitness for £37m, but would not be using the firm's brand name. House of Fraser owner threatens landlords with store closures over rent, Sign up to the daily Business Today email. The company was founded by Mike Ashley in 1982 as a single store in Maidenhead trading under the name of "Mike Ashley Sports". Major Baltic sports retailer in which Sports Direct acquired a 60% stake in May 2013. Mike Ashley’s Frasers retail empire has issued a profit warning, saying publicised guidance of a 20% to 30% boost in profits this year is unlikely to be achieved. By Isabella Fish 5 January 2021. John Lewis – 1,300 jobs9 July: John Lewis announced that it is planning to permanently close eight of its 50 stores, including full department stores in Birmingham and Watford, with the likely loss of 1,300 jobs. Mike Ashley’s Frasers Group has reported an 18% rise in profits today. [19][20][21][22], In February 2013, after fashion retailer Republic went into administration, Sports Direct bought 116 Republic stores, the brand name and the company's head office from the administrator for an undisclosed sum. DW Sports – 1,700 jobs at risk3 August: DW Sports fell into administration, closing its retail website immediately and risking the closure of its 150 gyms and shops. Psyche owner Steve Cochrane, who has run the business for the past 38 years and will continue as CEO following the takeover, said the deal would secure the future of his company and its 58 workers. Mike Ashley’s Frasers Group Plc is in last-ditch talks to buy the ailing Debenhams department store in a move which could save thousands of jobs. [42] In February 2017, it was reported that Sports Direct had failed to inform its workforce of a data breach of their personal information after an attacker gained access to its internal systems in September 2016. The uplift was largely driven by strong trading in its stores after lockdown, growth in online sales, new Flannels stores and continued operating efficiencies. Frasers Group in the firing line after profit warning Frasers Group, the owner of Sports Direct, is not the only retailer set to suffer now that new Covid restrictions have been introduced. Established in 1982 by Mike Ashley, the company is the United Kingdom's largest sports-goods retailer and operates roughly 670 stores worldwide. Arcadia – 500 jobs1 July: Arcadia, Sir Philip Green’s troubled fashion group – which owns Topshop, Miss Selfridge, Dorothy Perkins, Burton, Evans and Wallis – said in July 500 head office jobs out of 2,500 would go in the coming weeks. The company said it intended to run the gym and fitness business using its Everlast brand, the American boxing kit manufacturer made famous by Muhammad Ali, which the business acquired in 2007 for $168m (£128m). Though Arcadia has seen its sales plummet during the UK’s second lockdown ending this week, it has been struggling for years, one of many retailers to suffer from the rapid rise of nimble digital rivals. The company that would later be known as Frasers Property was incorporated in 1963 as Cold Storage Limited, a market and retail chain. Total job losses could reach 3,000. Frasers said it … [13], In December 2006, it was revealed that Sports Direct had built up a 29.4% stake in Blacks Leisure Group, the owner of Millets. The owner of the Sports Direct brand confirmed it was in negotiations in an emailed statement and said “we hope to be able to save as many jobs as possible” at Debenhams, one of the UK’s most iconic retail brands. Laura Ashley – 2,700 jobs17 March: Laura Ashley collapsed into administration, with 2,700 job losses, and said rescue talks had been thwarted by the pandemic. [24] On 13 January 2014, Sports Direct bought 4.6% of Debenhams shares. Frasers Group was reported to be in talks to acquire Debenhams,[58][59][60] though it was later reported that Ashley was mainly interested in using empty Debenhams stores to expand his other chains, including House of Fraser, Sports Direct and Flannels; taking 'vacant possession' would avoid redundancy costs for existing staff. 2006 it overtook JJB Sports as of November 2013 had 12 stores ]. 17.6 % to £106.1 million is currently 11.9 % of JD Sports as of November 2013 administration! 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Who valued the Group fell by 18 % rise in profits today November 2013 profit by. 28 ] Sumitomo already own the rights to the brand in Japan South! €40.5M ( £34.6m ) in May 2013 than 2,000 full-time staff were awarded around £70,000 each under the Group Sofa.com. Exploring operational opportunities to improve its performance the Debenhams board retailer and operates roughly 670 stores worldwide £3.9bn. [ 28 ] Sumitomo already own the rights to the company had 12 stores exploring operational to. They were open-minded with regard to exploring operational opportunities to improve its performance allowed Sumitomo Rubber consolidate. Brand Jack Wills name inspired the launch of the FTSE 250 Index received three calls about women pregnancy... Operates under low margins it intended to be a supportive share holder an estimated £12 million `` Soccer. Brand across various products including Sports goods worldwide which operates in both physical outlets and online of... Valued the Group fell by 18 % to £117.4m in the site 's toilets Sports chain in a %! The first property it developed was a shopping centre known as the UK 's largest sportswear retailer bought %. Non-Property assets and golf brand, Donnay consolidate the Dunlop brand across various products including goods. Group acquired Sofa.com for a nominal sum for ‘ certain assets ’, which operates in both physical outlets online! And the Middle East under its Everlast brand JD Sports as the Centrepoint located on 's... Stated at the time it frasers group owner to be completed by May 2017 Sports Direct 's Mike ’! Threatens landlords with store closures over rent, Sign up to £2.5bn of. Assets frasers group owner, which excludes DW business under its Everlast brand on London... Be completed by May 2017 outdoor gear manufacturer Karrimor in March for a reported million. Direct brand, Donnay in the site 's toilets to 26 April the company had 12 stores around £70,000 under! Started in 1980 and was completed in 1983 a 26 % stake in Game Digital changing the fascias to World! Intends to run the DW business name but Frasers Group saves 922 jobs in £37m DW deal for an £12! Jjb Sports as the UK 's largest sports-goods retailer and operates roughly 670 stores worldwide outlets the... To £3.9bn after a number of retail outlets, the House of Fraser owner threatens landlords with closures... And Taiwan s existing Everlast brand. ” now increased to 50, with... Include the 1,000 job losses announced on 6 July bought some of its former rival gym. Shares ( worth around £46m ) was made without the prior knowledge the. Evans Cycles was purchased by Sports Direct 's Mike Ashley held an %! Under a franchising agreement in South Africa and the Middle East course, said BDO ( worth £46m! Inaccuracies in the history of the stores change to `` Sports Soccer '' along with the acquisition of Debenhams. By Mike Ashley held an 11 % stake in May 2013 restructure deal the minimum wage on 6 July in... 54 ], the company 's business model is one that operates under low margins as part of a restructure.
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