Sports Direct acquires 7.9 percent stake in Finish Line

According to a regulatory filing, Sports Direct, has acquired a 7.9 percent stake in The Finish Line, reports SBH Media. The filing said that the shares were bought over the period from March 30 to April 13, 2017.

Recently this year, Sports Direct also agreed to take over businesses of Eastern Mountain Sports and Bob’s Stores in bankruptcy proceedings. The report added that in March, Eastern Outfitters, the parent of Eastern Mountain Sports and Bob’s Stores reached a settlement agreement with creditors to hold a private sale to Sports Direct instead of filing a bankruptcy auction.

Even in the past, Sports Direct has picked stake in companies having related business interest. These include Debenhams, JD Sports and the online player Findel. In February, the company acquired an 11 percent stake in French Connection.

According to the Sports Direct website, the company operates 420 sports stores in the UK and its Premium Lifestyle division operates 130 stores in the UK. Internationally, the company runs 270 stores in 19 European countries and plans to expand into all major EEA countries over the next three to five years. Collections under the company’s umbrella are sold under various brand names including Slazenger, Everlast and Karrimor.

Picture:Finish Line website