Sports Direct buys two US chains in £78m debt deal

A worker walks up stairs before a Sports Direct general meeting to vote on the re-appointment of chairman Keith Hellawell in Shirebrook

Sports Direct has received approval to buy up bankrupt USA clothing retailer Eastern Outfitters.

The acquisition is expected to be completed in the first half of May, it will also provide Sports Direct with a "footprint" in United States bricks-and-mortar retail, giving it a "platform from which to grow U.S. online sales".

The deal gives Sports Direct about 50 stores selling sports and casual wear and camping equipment.

In the financial period to 28 January 2017, the businesses being acquired incurred a pre-tax net operating loss of $26 million.

The US$101 million cost comprises loans advanced by Sports Direct to Eastern Outfitters before and as part of the Chapter 11 bankruptcy process, and purchases of the US firm's debt.

Nicholas Hyett, equity analyst, Hargreaves Lansdown said Sports Direct had picked up a "bargain out of bankruptcy proceedings".

Italy receives migrants after Mediterranean rescue ops
A Reuters photographer on board the Phoenix, a ship run by Moas, counted at least 20 bodies during the rescue. It comes as EU's border control agency Frontex has accused donor-funded vessels of doing more harm than good.

He added: "We are rapidly losing patience with the company's lack of ability to stick to a strategy, not to mention the complete investor relations vacuum". Sports Direct's interest in Eastern Outfitters was first reported in February.

"We find the timing extraordinary", analysts at Peel Hunt wrote in a research note, changing their investment stance to "add" from "buy".

"What is not required, in our view, is a major (and not inexpensive) distraction, 3,000 miles away".

The retailers shares, which initially rose following the announcement have subsequently fallen.

Since the start of the year, the Sports Direct share price has risen 12%. They own various brand names including Slazenger, Lonsdale and Everlast.

Sports Direct International plc (LON:SPD) is expanding into the USA with the acquisition of Eastern Outfitters LLC for US$101mln in cash.

Related News:

  • Officer killed, another wounded in Paris attack; shooter 'neutralized'

    Officer killed, another wounded in Paris attack; shooter 'neutralized'

    She said he appeared to be acting alone. "We shall be of the utmost vigilance, especially in relation to the election", he said. Smarttraveller.gov.au has warned Australians travelling to France to "exercise a high degree of caution" following the attack.
    US Foreign Secretary Rex Tillerson calls Obama's Iran nuclear deal a failure

    US Foreign Secretary Rex Tillerson calls Obama's Iran nuclear deal a failure

    He said: "The evidence is clear: Iran's provocative actions threaten the United States, the region, and the world". The secretary of state earlier acknowledged the Iranians had met the terms of the 2015 nuclear deal.
    Seattle Mariners vs. Miami Marlins

    Seattle Mariners vs. Miami Marlins

    Yelich, sprinting with his back to home plate, leaped into the air and caught the ball, only to crash face-first into the wall. Miranda (1-1) allowed four singles and only one runner to reach second base while striking out five.
  • Blazing Stock Climbs To New Heights: Quest Diagnostics Incorporated (NYSE:DGX)

    Revenue during the quarter went up marginally by 1.93 percent to $1,899 million from $1,863 million in the previous year period. ILLEGAL ACTIVITY NOTICE: This story was first reported by Chaffey Breeze and is the sole property of of Chaffey Breeze.
    Sunderland Ace Lee Cattermole Praises Returning Wahbi Khazri as Relegation Battle Intensifies

    Sunderland Ace Lee Cattermole Praises Returning Wahbi Khazri as Relegation Battle Intensifies

    Robert Snodgrass' corner wasn't able to find the back of the net, but it did find the head of James Collins; he did the rest. Slight role reversal here as Carroll squares (shanks his shot) the ball to Ayew having picked up the ball from Byram.

    WH Addresses Confusion over USS Carl Vinson's Location

    Vice President Mike Pence said on an Asian tour this week the era of "strategic patience" with North Korea was over. North Korea said it was prepared to respond to any United States aggression.
  • Wall, Beal pace Wizards past Hawks

    Wall, Beal pace Wizards past Hawks

    He has learned to channel his passion in all the right ways, and the Hawks simply had no answers for his athleticism. The team scored 2.17 points per possession when Wall handled the ball in transition. "He hasn't made a lot of them".
    Soon buy Wi-Fi data packs from kirana shops for Rs 10

    Soon buy Wi-Fi data packs from kirana shops for Rs 10

    Armed with a PDO device, a kirana shop or a thelawallah can sell Wi-Fi data vouchers at denominations as low as Rs 10. Further speaking to the Economic Times , "The concept of Digital India is not prevalent in every nook and corner".
    Survivalist who ambushed police seeks to avoid death penalty

    Survivalist who ambushed police seeks to avoid death penalty

    The letter said in part that "only passing through the crucible of another revolution can get us back the liberties we once had". Eric Frein showed no emotion when he was found guilty on all counts in his murder trial, Wednesday.
  • Trump attacks Canada's supply management for dairy as unfair to U.S.

    Trade between Canada and NY totaled $32.93 billion in goods and supported more than 500,000 jobs. And we have a supply management system that works very well here in Canada.
    We won't drag passenger off plane anymore: United Airlines CEO

    We won't drag passenger off plane anymore: United Airlines CEO

    President Trump told The Wall Street Journal that airlines should not be prevented from overselling flights. Dao appeared again shortly thereafter, saying "I have to go home", only to be taken off the plane again.

    Serena Williams planning 2018 return after confirming pregnancy

    One day before the announcement, the 35-year-old posted an adorable pic of Alexis carrying her along a sandy beach. She beat her sister Venus in the final 6-4, 6-4 to claim her seventh title at the Australian Open .


Most liked

Mulayam Singh Yadav has electricity bill worth Rs 4 lakh
The team upon arriving at his residence found that the permissible limit of 5 kW a day was being crossed by as many as eight times.

Bill introduced to allow Pa. teachers to carry guns; Wolf promises veto
Senate Bill 383 would allow school boards to decide if qualified employees should be allowed to access guns on school grounds.

Lawyer: Hernandez talked to fiancee before death
Earlier Thursday, Hernandez's lawyer complained that state officials had turned over the 27-year-old's body but not his brain. Hernandez was taken into police custody on June 26, 2013 , on charges related to the death of his friend, Odin Lloyd .

Golden State Warriors vs. Portland Trail Blazers
Meanwhile, the Blazers are still without centre Jusuf Nurkic , who sat out of Sunday's series opener with a fractured right leg. The Golden State Warriors took a series lead over the Portland Trailblazers in Game 1 of the opening round of the playoffs.

North Korea threatens 'super-mighty' strike on U.S.
US Ambassador Nikki Haley separately stressed that the onus was on North Korea to prevent an escalation. Pyongyang periodically warns Washington of the dire consequences of taking on North Korea militarily.

Lavrov tells Tillerson attack on Syria plays in extremists' hands
The strikes marked the first time Washington has directly targeted Syrian government forces since the war began in 2011. Assad accused the USA of trying to boost the morale of "terror groups " in Syria .

CGBSE 10th result 2017, Toppers list declared at cgbse.net
Chhattisgarh Board of Secondary Education ( CGBSE ) is a board of school education in the state of Chhattisgarh, India. Girl had performed marginally better than boys with a passing percentage of 55.75 over boys' 54.84 percent.

ISIS Claims Responsibility For Paris Terror Attack
The group also claimed responsibility for a auto attack in London last month killing four, but gave no name or details. The gunman killed an officer, and then fled while continuing to shoot at officers, injuring two, according to the BBC.

Trump salutes NFL champs at the White House
Brady released a statement saying he was "so happy and excited" that the Patriots are being honored at the White House. In 2005, only 27 Patriots showed up according to CSN New England , and 36 attended in 2004, both during the George W.

Swedish prosecutor asks to extend custody for Stockholm truck attack suspect
The 39-year-old man from Uzbekistan admitted responsibility for a " terrorist crime " at a custody hearing on Tuesday morning. Police said the truck attack suspect was known for having been sympathetic to extremist organizations.

Morgan Stanley Offers 3 Reasons Why Tesla Is Getting Into Trucks
Following the sale, the insider now directly owns 359,655 shares of the company's stock, valued at approximately $68,629,367.10. Tesla Inc (NASDAQ: TSLA ) share price soared 2.41% or 7.16 points to reach at $304.00 during previous trading session.

Redknapp back in English soccer as manager of Birmingham
Birmingham are away at Villa then home to Huddersfield , before ending away at relegation strugglers Bristol City . It is not going to be easy but it is a challenge and I look forward to it. "We need at least one win to be safe".

Confirmed: Juventus tie Dybala down until 2022 with new contract
In the second half we were even the better team but we conceded the third". There are things we need to work on improving.

Hamilton takes no solace in second place
Fernando Alonso retired one lap from the end, while his teammate Stoffel Vandoorne did not even start because of engine failure. At the start Vettel jumped into second place, with Hamilton slipping down to a third. "I don't know what to say".

China's 1Q economic growth ticks higher to 6.9 percent
The value of China's home sales remained buoyant in March, according to data released Monday by the National Bureau of Statistics. Chinese migrant workers return to their temporary construction camp at a construction site in Beijing, China, 17 April 2017.