JD Sports acquires Ark out of administration
JD Sports Fashion has bought the Ark fashion retailer out of administration. The move has saved 160 jobs.
Ark, whose parent company is Rett Retail, collapsed into administration last week and Begbies Traynor were appointed as administrators.
Under JD’s ownership, the chain will continue to trade from its Leeds head office with 160 of the 200 jobs within the business saved. This includes the current management team, all of whom have been retained.
Although ten stores will remain open, “uneconomic” stores in Norwich, Cambridge, Merry Hill and Manchester have been closed.
A spokesperson for JD Sports Fashion, said: “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).
“We look forward to supporting the established management team to develop the business further.”
Tom Edge, director of Rett Retail and Ark Fashion, added: “Becoming part of the JD group is the best deal for all those involved in Rett Retail and we look forward to working with them for an exciting future.”
Joint administrator 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.
“It is no secret that many retail businesses are facing a hugely challenging environment at the moment, and this deal is a welcome piece of good news for the sector.”
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