'Almost all' Evans Cycles stores profitable ahead of Mike Ashley closures

Sports Direct owner Mike Ashley has announced the closure of half of Evans Cycles’ stores despite being told by administrators that “almost all the stores were profitable”.

Ashley was told by administrator PwC that Evans Cycles stores were profitable but that fixed costs at the head office were a “burden”, The Telegraph reports.

The announcement that 31 of Evans Cycles’ 62 stores would be closed - potentially leading to 400 job losses - comes after the company was bought out of administration by Ashley for 8 million pounds in October.