Sports Direct withdraws from Blacks Leisure bid
In statement issued today Sports Direct said: "After careful consideration, notwithstanding that Sports Direct remains a committed and supportive shareholder of Blacks Leisure, Sports Direct has decided not to proceed with an offer."
Sports Direct already owns a 22.5% stake in the company.
Blacks put itself up for sale earlier this month as it struggled with £36 million of debt. In October the retailer reported pre-tax losses of £16 million.
Blacks, which operates 98 Blacks stores and 20 Milletts outlets, has appointed accountants KPMG to find potential buyers.
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