Sports Direct shuts down four concessions in Debenhams stores
Sports Direct has closed nearly half of its concessions in Debenhams stores.
Now operating from the remaining five concessions, two of the closures were located on Oxford Street in London. The other locations have not been revealed.
A Sports Direct spokesman was quoted by media sources as saying: “The closures came as a direct result of overlap with locations for future or current flagship stores. We remain committed to developing our relationship with Debenhams.”
In the company’s annual report released in August this year, it was declared that the pre-tax profit declined by around 59% to £113.7m, while its net debt increased to £182.1m from £99.7m in April last year.
The company incurred an expenditure of £317m in property assets to enhance its sports retail proposition.
With an increase in revenue of 11.7%, the group plans to open around 12-18 new stores in this fiscal year.
In August this year, the company increased its stake in Debenhams from the previous 19% to 21%.
Having initially acquired 4.63% of the issued share capital of Debenhams in January 2014, the company acquired an additional 4.6% stake in October that year.