Sports Direct gets approval to buy Bob’s Stores and Eastern Mountain Sports
Sports Direct is to acquire 50 stores in the US trading as Bob’s Stores and Eastern Mountain Sports for $101 million.
The sporting goods retailer has received the approval of the Delaware Bankruptcy Court to acquire certain assets of Eastern Outfitters including Bob’s Stores and Eastern Mountain Sports.
Sports Direct said the acquisition is expected to complete in the first half of May 2017 and will provide it with a footprint in US bricks-and-mortar retail and a platform from which to grow US online sales.
The stores mainly sell sports and casual wear, and outdoor and camping equipment and clothing.
In the financial period to 28 January 2017, the businesses to be acquired incurred a pre-tax net operating loss of $26 million. As at 28 January 2017, the gross assets of the businesses was $126 million.
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