NEWS

Sports Direct CEO vows to close intu stores

Published on: 26th November 2018

Mike Ashley intends to close stores in shopping centres owned by intu Properties, The Times reported on Sunday.

In mid-November, four House of Fraser stores were set to close after its new owner, Sports Direct, failed to reach an agreement with the landlord, intu.

At the time, the retail company said it had engaged with intu, but was ultimately “unable to agree reasonable terms for these stores to continue trading”.

On Sunday, The Times reported that Ashley will shut 17 stores – a mix of Sports Direct, House of Fraser, Flannels, USC and Evans Cycles outlets – as soon as leases reach a break clause or expire.

Ashley claimed this will cost more than £25m a year in lost rent and service charges for intu. The real estate investment trust’s rental income was £460m in 2017.

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