James O'Brien 10am - 1pm
Mike Ashley's Sports Direct Buys Jack Wills In Pre-pack Administration
5 August 2019, 19:42
Sports Direct has won the bidding war for Jack Wills after the clothing company was put into administration on Monday.
The high street clothing chain was bought in a process known as a pre-pack administration. It is believed Sports Direct paid £12.75 million for the brand.
Jack Wills will come under a new division established at Sports Direct which will focus solely on buying and building fashion and sports brands, and report to Michael Murray in his role as head of elevation.
Mr Murray said: "Jack Wills has made a name for itself carving out a unique place in the minds of consumers since its launch and has today grown into one of the most recognised British fashion brands. Having taken a personal role in driving the decision to bid for this business, I am absolutely thrilled that Sports Direct was successful.
"Jack Wills will continue to operate as a separate company with its own leadership team. Our role will be to support the business and help elevate the brand and help restore it to its former glory."
There are no details yet as to what it will mean for the 1800 employees and 110 standalone stores.