[54], In February 2019 the group acquired Sofa.com for a nominal sum. Laura Ashley – 2,700 jobs17 March: Laura Ashley collapsed into administration, with 2,700 job losses, and said rescue talks had been thwarted by the pandemic. [27], In December 2016, Sports Direct agreed to sell the remaining international rights to its Dunlop brand to Sumitomo Rubber Industries for £112 million ($137.5 million). [17] The stake is currently 11.9% of JD Sports as of November 2013. “Frasers Group looks forward to elevating the gym and fitness assets acquired … under the group’s existing Everlast brand.”. Mike Ashley’s Frasers Group has acquired the gym and fitness chain DW Sports in a deal potentially worth up to £44m. NEWCASTLE United owner Mike Ashley’s Frasers Group has issued a profit warning. Marks & Spencer – 7,000 jobs18 August: Food, clothing and homewares retailer cuts jobs in central support centre, regional management and stores. “Mike Ashley’s Frasers Group has a track record in snapping up distressed firms and, given DW Sports was a former rival to Sports Direct, it’s an acquisition that is perhaps even more appealing,” said Susannah Streeter, senior investments and markets analyst at Hargreaves Lansdown. Pizza Express – 1,100 jobs7 September: The restaurant chain confirms the closure of 73 restaurants as part of a rescue restructure deal. Harveys – 240 jobs30 June: Administrators made 240 redundancies at the furniture chain Harveys, with more than 1,300 jobs at risk if a buyer cannot be found. [1][11] In 2005 the company began a major rebrand of the stores, changing the fascias to Sports World. Pret a Manger – 1,000 jobs6 July: Pret a Manger is to permanently close 30 branches and could cut at least 1,000 jobs after suffering “significant operating losses” as a result of the Covid-19 lockdown. Celtic Manor – 450 jobs9 July: Bosses at the Celtic Collection in Newport, which staged golf's Ryder Cup in 2010 and the 2014 Nato Conference, said 450 of its 995 workers will lose their jobs. [32][33] In December 2015, an investigation by The Guardian found that the company fines staff for late clocking on, does not award overtime for late clocking off, relies on zero hour contracts, and regularly makes staff wait unpaid for a security check at the end of shifts. [24] On 13 January 2014, Sports Direct bought 4.6% of Debenhams shares. The company is best known for trading predominantly under the Sports Direct brand, which operates in both physical outlets and online. [10] It is listed on the London Stock Exchange and it is a constituent of the FTSE 250 Index. Burberry – 500 jobs worldwide15 July: Total includes 150 posts in UK head offices as luxury brand tries to slash costs by £55m after a slump in sales during the pandemic. The company was founded by Mike Ashley in 1982 as a single store in Maidenhead trading under the name of "Mike Ashley Sports". The Debenhams board responded by stating they were open-minded with regard to exploring operational opportunities to improve its performance. [12] The group debuted on the exchange on 27 February 2007. In 2006 it overtook JJB Sports as the UK's largest sportswear retailer. [52], The Philippine Competition Commission approved the regulatory filing for the said acquisition. [29] In July 2017, the company acquired a 26% stake in Game Digital. The number of retail stores had now increased to 50, along with the acquisition of the tennis and golf brand, Donnay. 1995/96 saw the stores change to "Sports Soccer" along with the re-location of head office and warehouse to a 100,000 sq. Frasers group held talks earlier this year with the administrator of Debenhams but claimed then it had been “frozen” out of the process and was not receiving adequate information. [1] 1995/96 saw the stores change to "Sports Soccer" along with the re-location of head office and warehouse to a 100,000 sq. Frasers Hospitality, a member of Frasers Property Group, is a global hospitality operator with Gold-Standard serviced apartments, hotel residences and boutique lifestyle hotels across Australia, Southeast Asia, North Asia, Middle East, Africa, Europe and the UK. Frasers said it … Boots – 4,000 jobs9 July: Boots is cutting 4,000 jobs – or 7% of its workforce – by closing 48 opticians outlets and reducing staff at its head office in Nottingham as well as some management and customer service roles in stores. Ted Baker – 500 jobs19 July: About 200 roles to go at the fashion retailer’s London headquarters, the Ugly Brown Building, and the remainder at stores. Azzurri – 1,200 jobs17 July: The owner of the Ask Italian and Zizzi pizza chains closes 75 restaurants and makes its Pod lunch business delivery only. Last week Frasers Group threatened to close stores if landlords did not agree to move to rents based on sales figures, saying that Brexit and the coronavirus pandemic had led to “the most challenging year in the history of the company”. But Frasers Group has been a rare bright spot, forecasting growth despite COVID-19. [42] In February 2017, it was reported that Sports Direct had failed to inform its workforce of a data breach of their personal information after an attacker gained access to its internal systems in September 2016. Sports Direct-branded stores exist under a franchising agreement in South Africa and the Middle East. Total group revenues increased from £3.7bn to £3.9bn after a number of acquisitions including Game, Sofa.com and the fashion brand Jack Wills. [8] The company's business model is one that operates under low margins. Prior to the company entering administration, Sports Direct's Mike Ashley held an 11% stake in the company. Frasers Group PLC (LON:FRS) was first to warn today that it was ripping up its previous guidance of a healthy profit increase this year. The Frasers sites will … Underlying pre-tax profits for the group fell by 18% to £117.4m in the year to 26 April. Frasers Group PLC , the owner of House of Fraser and Sports Direct, said it is talking to the administrators of Debenhams PLC about potentially buying its … The first property it developed was a shopping centre known as The Centrepoint located on Singapore's Orchard Road. “It’s likely to be some time before people bound back to the gym in greater numbers and it can be ascertained whether this latest acquisition will have been the right choice for the company.”, BDO’s Graham Newton said: “We are pleased to have achieved a sale of a significant part of the DW Sports business as a going concern, as this will not only secure employment for the majority of employees, but should also result in a return to the company’s creditors in due course.”. Investors in Sports Direct owner Frasers Group are hoping that the company will have been boosted by strong online and reopening sales when it reveals … [52], On 10 August 2018, the House of Fraser entered administration. The rest have been closed but some may be reopened by Frasers in due course, said BDO. [19][20][21][22], In February 2013, after fashion retailer Republic went into administration, Sports Direct bought 116 Republic stores, the brand name and the company's head office from the administrator for an undisclosed sum. [56], On 24 August 2020, it was announced that Frasers Group would buy "certain" assets from DW Sports Fitness for £37m, but would not be using the firm's brand name. Major Baltic sports retailer in which Sports Direct acquired a 60% stake in May 2013. Sports Direct owner Frasers Group has acquired some of the assets of Dave Whelan Sports from its administrators for an initial sum of £37 million. Later that day, Sports Direct agreed to buy all House of Fraser UK stores, the House of Fraser brand, and all of the stock in the business for £90 million in cash. The company said multiple offers were on the table for parts of the business but buyers did not want to acquire all the existing sites and 91 of its 250 outlets would remain permanently closed. Ashley incorporated the business in … [18] It was announced on 1 October 2012, that Sports Direct had purchased rival retailer JJB's brand name, website, 20 stores and all of their stock in a deal for approximately £24m. [35], Late in December 2015 Sports Direct announced a 15 pence per hour increase for staff currently receiving less than minimum wage, taking them above minimum wage,[36] the annual cost of this was said in the announcement to be ~£10 Million (GBP); however it was immediately noted that £0.15p × 37.5 hours × 19,000 staff × 52 weeks = 5,557,500 (~£5.5 million), this and other factors resulted in many (including Unite) calling it a "PR Stunt". Debenhams saw a glimpse of hope when Mike Ashley’s Frasers Group confirmed over the weekend that it was in 11th-hour talks with the department … [31], In October 2015, the chief executive of Sports Direct, David Forsey, was charged with a criminal offence for consultation failures over USC staff who only had 15 minutes notice of redundancy. Billionaire Mike Ashley’s Frasers Group said on Thursday that pre-tax profit in the 12 months to 26 April 2020 fell 19.9% to £143.5m ($187.6m). The company that would later be known as Frasers Property was incorporated in 1963 as Cold Storage Limited, a market and retail chain. [53], On 30 October 2018, Evans Cycles was purchased by Sports Direct in a pre-pack administration deal. Marks & Spencer – 950 jobs20 July: The high street stalwart cuts management jobs in stores as well as head office roles related to property and store operations. [14] In May 2007, it was also revealed that Ashley had held talks with John Hargreaves, founder of Matalan on both taking a 25% stake in the troubled retail business and installing mezzanine floors in larger Matalan stores, on which SportsDirect.com outlets could be operated. The chain, part of Mike Ashley's Frasers Group that owns Sport Direct, has closed about 10 of the 59 stores bought out of administration in 2018. Whitbread - 6,000 jobs22 September: Whitbread, which owns the Premier Inn, Beefeater and Brewers Fayre chains, said it would cut 6,000 jobs at its hotels and restaurants, almost one in five of its workforce. Harrods – 700 jobs1 July: The department store group is cutting one in seven of its 4,800 employees because of the “ongoing impacts” of the pandemic. A union official suggested that these practices were illegal as they brought workers' earnings below the minimum wage. After looking at a takeover,[49] Sports Direct took a £9 million stake and signed a lucrative long-term deal in August 2005 with troubled brand Umbro,[50] which was subsequently sold to Nike. The ambulance service received three calls about women experiencing pregnancy difficulties, including one who gave birth in the site's toilets. “the most challenging year in the history of the company”. [15] In June 2007, the company acquired Everlast for £84 million. [34] A representative from the charity ShareAction claimed that workers are "jeopardising their health" for fear of being dismissed while another shareholder said the company's reputation as an employer was "atrocious". The slump in … Debenhams – 4,000 jobs9 April: At least 4,000 jobs will be lost at Debenhams in its head office and closed stores after its collapse into administration in April, for the second time in a year. Casual Dining Group – 1,900 jobs2 July: The owner of the Bella Italia, Café Rouge and Las Iguanas restaurant chains collapsed into administration, with the immediate loss of 1,900 jobs. The uplift was largely driven by strong trading in its stores after lockdown, growth in online sales, new Flannels stores and continued operating efficiencies. therefore the 19,000 staff above is actually substantially fewer. Mike Ashley's Frasers Group saves 922 jobs in £37m DW deal. DW Group, founded by the former Wigan Athletic owner Dave Whelan, fell into administration last month, putting 1,700 jobs at risk, and Monday’s deal safeguards 922 of those. SSP Group – 5,000 jobs1 July: The owner of Upper Crust and Caffè Ritazza is to axe 5,000 jobs, about half of its workforce, with cuts at its head office and across its UK operations after the pandemic stalled domestic and international travel. Pret a Manger – 2,890 jobs27 August: The majority of the cuts are focused on the sandwich chain's shop workers, but 90 roles will be lost in its support centre teams. [23] In July 2013, more than 2,000 full-time staff were awarded around £70,000 each under the company's bonus share scheme. Mike Ashley’s Frasers Group has reported an 18% rise in pre-tax profits as it continues talks about the potential acquisition of Debenhams. DW Group, founded by the former Wigan Athletic owner Dave … DW Sports – 1,700 jobs at risk3 August: DW Sports fell into administration, closing its retail website immediately and risking the closure of its 150 gyms and shops. [52], Sumitomo Rubber intended to acquire the entire issued share capital of Dunlop Brands Limited, Dunlop Slazenger 1902 Limited, and Dunlop Australia Limited, and the Dunlop-related business of Dunlop Sports Group Americas, Inc. which are subsidiaries of Sports Direct. [38], In August 2016, Sports Direct admitted breaking the law and will disburse unlawfully withheld wages totalling about £1m to the affected workers. [1] The Lillywhites chain of 10 stores and the Lonsdale brand were acquired in 2002 and by 2003, the number of retail stores had increased to 150. Oasis and Warehouse – 1,800 jobs30 April: The fashion brands were bought out of administration by the restructuring firm Hilco in April, with all of their stores permanently closed and 1,800 jobs lost. [9] Mike Ashley has continued to hold a majority stake in the business, and his holding has been 61.7 percent since October 2013. Cath Kidston – 900 jobs21 April: More than 900 jobs were cut immediately at the retro retail label Cath Kidston after the company said it was permanently closing all 60 of its UK stores. Monsoon Accessorize – 545 jobs11 June: The fashion brands were bought out of administration by their founder, Peter Simon, in June, in a deal in which 35 stores closed permanently and 545 jobs were lost. Frasers Group, which owns Sports Direct, House of Fraser, and Flannels, has bought out the retailer’s stores as well as its online operations. Frasers Group (FRAS.L), the retail company owned by billionaire Mike Ashley, is committed to physical stores despite the decline of the high street. Mike Ashley’s Frasers Group has reported an 18% rise in profits today. [30], From January 2013 to December 2014, 76 ambulances or paramedic cars were sent to the postcode for Sports Direct's distribution centre, according to a Freedom of Information request by the BBC. In … Mike Ashley’s Frasers retail empire has issued a profit warning, saying publicised guidance of a 20% to 30% boost in profits this year is unlikely to be achieved. 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