Sports Direct acquires 2 USA retailers in $101m deal
Sports Direct acquires 2 USA retailers in $101m deal
Sports Direct founder and CEO Mike Ashley. REUTERS Peter Nicholls
21 Abril, 2017, 21:43
Sports Direct has agreed a deal to buy Eastern Outfitters, the parent of U.S. discount chain Bob's Stores and outdoor retailer Eastern Mountain Sports, for $101m (£78.9m).
Sports Direct has unveiled plans to expand its operation across the Atlantic, after acquiring Eastern Outfitters for a cash deal worth $101m (£78.8m).
"What is not required, in our view, is a major, and not low-cost, distraction, 3,000 miles away", argued analysts at Peel Hunt.
Sports Direct, controlled by Chief Executive Mike Ashley, has faced several challenges in the past two years.
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Analysts at Jefferies, who have a "hold" stance, also questioned the timing.
In one of the research reports Analysts at Peel Hunt pointed out that Sports Direct has already made a decision to take its United Kingdom business more up market.
"To us, this should be all-encompassing, and should leave absolutely no management time for anything else", they said. Last month, it said the devaluation of the euro against the dollar would hit its gross margin.
Sports Direct purchased the stores through the bankruptcy process of Eastern Outfitters, the parent company of Bob's Stores and Eastern Mountain Sports.
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In the financial period to 28 January 2017, the businesses being acquired incurred a pre-tax net operating loss of $26m (£20m).
The company has also moved to address corporate governance concerns, announcing this month that it has elected an employee to attend its board meetings.
The US sporting goods sector is being tested by the advent of internet shopping and discount chains.
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