Published: 19/08/2019 By Philippa DrewittSports Direct International Plc adds to its eclectic portfolio and purchases Jack Wills out of Administration for £12.7m this month.
Sports Direct have announced the closure of eight Jack Wills stores with more to come if it cannot reach agreements with landlords to reduce rent.
Jack Wills stores typically occupy prime positions in relatively expensive towns and cities and its sales cannot withstand the high rent that comes with occupying these premises. It is rumoured that Sports Direct is negotiating with Jack Wills’ landlords to accept rent-free tenancy agreements across its worst-performing stores.
The eight store closures have not yet resulted in redundancies with Sports Direct endeavouring to redeploy staff elsewhere in the group, however, it remains to be seen what the future holds for employees if agreements cannot be reached with landlords and additional store closures are announced.