JD Sports confirms Blacks talks

Sports fashion wear retailer JD Sports Fashion has confirmed press speculation that it is in talks to buy assets of struggling camping equipment retailer Blacks Leisure and that talks are at an advanced stage.

A further announcement will be made on conclusion of those discussions.

On December 7th, Blacks announced that it wished to invite offers to support further investment in the group, which was most likely to involve a sale of the company or a sale of one or more of the group's brands. Offers were made for the trade, assets and brands of the group, but not for the shares.

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Shares in Blacks Leisure were suspended on January 6th as the company enters an administration process.

A series of weak trading results last year sealed the outdoor clothing and equipment firm's fate, prompting to start down the road to so-called pre-packaged administration. The controversial insolvency procedure allows any buyer to cherry pick the best bits of the insolvent company while wiping out the company's bets.

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