Sports Direct adds Jack Wills to its stable
Sports Direct has bought Jack Wills assets and stores in the UK and Ireland out of administration for £12.75 million. The deal covers all stock, 100 stores, distribution centre, and employees. It is understood that Edinburgh Woollen Mill's Philip Day had also made a bid for the Jack Wills business.
Jack Wills made an operating loss of £14.2 million for the year to 28 January 2018 and received £20 million in additional funding to enable it to continue to trade but went into administration on Monday 5th August. The administrators are considering other options for Jack Will's international business which includes stores in the UAS, Hong Kong and Singapore. The business also has a number of international franchised stores in the Middle East region and the Channel Islands as well as online sales in 130 countries.
Administrators KPMG said: "Like many other retailers, the company had recently experienced mounting cash flow pressures amidst some of the most difficult trading conditions seen on the high street in years."
Will Wright, partner at KPMG and joint administratoprs added: "Jack Wills has a strong brand and proud British heritage, so it is pleasing to have been able to secure this agreement with Sports Direct."
Jack Wills CEO Suzanne Harlow commented: "Despite significant progress, the challenging trading environment led us to conclude that the company's long-term future would be best served as part of a larger group and Sports Direct will enable us to do this."