Sports Direct to kill Blacks?
While the headline may imply some kind of catalyst for a race war, this story in fact focuses on the seemingly inevitable death of Blacks: The Outdoor Experts, potentially at the hands of Sports Direct.
Things have been consistently gloomy for the outdoor leisure chain, with shares dropping by more than a quarter this morning after Sports Direct, its biggest shareholder, confessed that they don't have any plans to rescue it.
Blacks, of course, have a whopping £36m of debt, and has been in trouble since reporting losses in 2007. Last week, the company made a plea, saying that, if a ‘white knight’ investor didn't appear by January, the company looks doomed.
That said, even though Sports Direct have walked away from trying to save the company, there are others toying with a takeover.
Rival chains Go Outdoors and Mountain Warehouse have been rumoured to have shown interest, with both increasing their shareholdings in the firm to 10% and 5% respectively over the past few days.
Things do look pretty bleak for the 4000+ staff this Christmas, despite nothing being officially over. It seems that Blacks may be no more come the New Year.
TOPICS: High Street News