- Prachi Singh |
Sports Direct has said that it received an approval of the Delaware Bankruptcy Court to acquire around 50 retail stores in the US under the Bob's Stores and Eastern Mountain Stores for 101 million dollars. The acquisition expected to be completed in the first half of May 2017, will provide Sports Direct with a footprint in US bricks-and-mortar retail and a platform to grow US online sales.
The development follows the filing by Eastern Outfitters LLC (the parent company of Bob's Stores and Eastern Mountain Stores), selling predominantly sports and casual wear, and outdoor and camping equipment and clothing, under Chapter 11 in the US. Sports Direct said, aggregate cost of the acquisition to Sports Direct amounts to 101million dollars in cash.
The company added that in the financial period to January 28, 2017, the businesses being acquired incurred a pre-tax net operating loss of 26 million dollars and the gross assets of the businesses being acquired was 126million dollars.