Sports Direct buys Jack Wills for £12.75m. Sports Direct has won a bidding war for Jack Wills, adding another brand to Mike Ashley’s high street empire.
Advisors at KPMG said Jack Wills had to be put into administration on Monday and was immediately sold to Sports Direct.
The sale, which Sports Direct paid £12.75m, includes all 100 UK and Ireland stores and stock, as well as a distribution center, along with all employees.
Suzanne Harlow, chief executive of Jack Wills, said: “For the past year, we have been focused on improving the Jack Wills proposition and the group’s financial performance.
“Despite significant progress, the challenging trading environment led us to conclude that the company’s long-term future would be best served as part of a larger group and Sports Direct will enable us to do this.”
Jack Wills will become part of a new division within Sports Direct, which said it wants to expand into ‘buying and building’ fashion and sports brands despite its own financial travails.
Michael Murray, who is leading the division and is head of elevation as a result, said: “Jack Wills has made a name for itself carving out a unique place in the minds of consumers since its launch and has today grown into one of the most recognised British fashion brands.
Sports Direct’s first move will be to negotiate with the chain’s landlords in a bid to reduce rent, which echoes moves made by dozens of retailers to reduce their costs.
Sports Direct buys Jack Wills for £12.75m