Frasers backs out of takeover after SportsCheck files for bankruptcy
(Sharecast News) - Mike Ashley's Frasers Group said on Thursday that it has backed out of plans to buy SportsCheck after the German sports retailer filed for insolvency.
Frasers, which owns Sports Direct and House of Fraser, among others, announced in October that it had agreed to buy SportsCheck from Signa Retail Department Store Holding for an undisclosed sum.
The retailer said it was disappointed by the insolvency of SportScheck, but continues to believe it's "an attractive asset in one of Europe's most important markets for sports". Frasers said it plans to work with the appointed preliminary insolvency administrator with a view to buying the SportScheck business/assets out of administration.
"Frasers remains committed to our ambition to become the leading sports retailer in EMEA," it said.
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