JD Sports buys Ark from administration

JD Sports has gone shopping yet again. Ark entered administration

earlier this week, along with affordable fashion retailer Internaçionale. Deal has been nailed barely three days after Ark called in the administrators.

According to reports that surfaced Friday afternoon, the deal has been negotiated by joint administrators David Acland and Lila Thomas from Begbies Traynor.

As reported by ‘The Telegraph’, Ark will continue to trade from its head office in Leeds and the management team has been kept in place, what means 160 of the 200 jobs that were threatened when Ark fell into administration earlier this week have been saved. “We look forward to supporting the established management team to develop the business further,” said an official source from JD Sports Fashion.

Nevertheless, “uneconomic stores” in Norwich, Cambridge and Merry Hill, and the Hearts and Bows store in Manchester are set to close in pursue of profitability.

Commenting the news, David Acland, partner at Begbies Traynor, said: “This sale has protected a large number of vital jobs in the retail sector. At the same time, it enables JD Sports to continue its ambitious expansion plans, following on as it does from other key strategic acquisitions earlier in the year.”

“We are delighted to have added the Ark fascia to our young fashion offer which brings with it some leading brands and a successful own brand offer (Cloak and Hearts and Bows),” a spokesperson for JD Sports Fashion said late Friday.