Sports Direct shuts eight Jack Wills stores

Mike Ashley’s Sports Direct has closed eight Jack Wills stores and may close more if landlords don’t agree to cut rents.

The closed stores are in Marlborough, Derby, Reigate, Rock, Tunbridge Wells, Durham, Kingston and St Albans. Sports Direct said it would try to redeploy affected staff elsewhere in the group, The Financial Times reports.

Jack Wills currently operates from roughly 98 stores.

The casualwear brand was bought by Ashley’s company for 12.75 million pounds in a pre-pack administration deal earlier this month. Sports Direct recently acquired House of Fraser and Evans Cycles via a similar process.

According to accounts filed with the Companies House UK, Jack Wills reported pre-tax loss of 29.3 million pounds and EBITDA loss of 7.5 million pounds for the year to January 31, 2018. Sales were down 1.1 percent to 129.3 million pounds.

CBRE is advising Sports Direct on the Jack Wills property dealings.

Photo credit: Jack Wills, Facebook