Suppliers scuppered hopes of full takeover of Blacks
Discount clothing chain Sports Direct has blamed suppliers to Blacks Leisure for scuppering a full takeover of the struggling outdoors equipment retailer.
Discount clothing chain Sports Direct has blamed suppliers to Blacks Leisure for scuppering a full takeover of the struggling outdoors equipment retailer.
Sports Direct bought the trading assets of Blacks this week through an administration process but couldn't complete a formal share takeover because it says suppliers, in particular The North Face, "were not prepared to respond to our approaches".
In other words, suppliers might simply have stopped selling to Blacks if it had been acquired by Sports Direct.
MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE

Sign up to Money Morning
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
The firm, famously founded by Mike Ashley, the owner of Newcastle United FC, now says it wants the Office of Fair Trading to "look closely at both the Outdoor and Sports retail markets to ensure they operate in the best interests of the consumer."
Sports Direct already owned a 21% stake in Blacks and has had to write off £52.6m as that stake has become worthless but says its earnings guidance for the full year will be unaffected.
Shares in Sports Direct have risen 39% in the last 12 months.
BS
Get the latest financial news, insights and expert analysis from our award-winning MoneyWeek team, to help you understand what really matters when it comes to your finances.
MoneyWeek is written by a team of experienced and award-winning journalists, plus expert columnists. As well as daily digital news and features, MoneyWeek also publishes a weekly magazine, covering investing and personal finance. From share tips, pensions, gold to practical investment tips - we provide a round-up to help you make money and keep it.
-
Reeves warned against property tax shake-up – 3 ways it could backfire on first-time buyers
Rachel Reeves reportedly has her eye on high-end property taxes in the upcoming Budget, but there are concerns a shake-up could unintentionally hamper those trying to get on the housing ladder
-
Average Brits want to retire five years before they can – who has the widest retirement gap?
Brits are expecting to work for longer than ever but there are big disparities in the number of extra working years predicted. A small tweak could help close the gap