Economy

UK's Sports Direct strikes deal to enter U.S. market

UK's Sports Direct strikes deal to enter U.S. market

LONDON, April 21 British retailer Sports Direct has entered the US market by buying two loss-making chains for $101 million, it said on Friday, drawing criticism from analysts who said the firm should keep its focus at home where it has struggled.

The retailer, owned and run by billionaire tycoon Mike Ashley, acquired the chains by buying up the debts of their parent firm Eastern Outfitters, which filed for Chapter 11 bankruptcy protection in February.

However, the company's founder, Joe Corre, criticised the sale of the company to Sports Direct as "a disgrace to British business".

Senate Committee Advances Bill To Allow Guns In School
Detractors argue guns in the hands of teachers and other less-experienced gun users could make for more risky teaching environments.

The deal gives Sports Direct about 50 stores selling sports and casual wear and camping equipment.

Eastern Outfitters booked a pre-tax net operating loss of 26 million United States dollars (£20 million) in the year to January 28, although the gross assets of the businesses being acquired stands at 126 million United States dollars (£98 million).

British sportswear retailer Sports Direct has entered the U.S. market by buying 50 stores trading as Bob's Stores and Eastern Mountain Sports at a cost of US$101 million, it said on Friday.

Trudeau defends supply management, wants 'fact' based trade talk with US
At the beginning of this month, Grassland Dairy Products notified 75 Wisconsin farmers their milk contract would end in May. The disruption is blamed on new policies in Canada created to push out USA imports, including milk.

However, the deal, which was approved by the Delaware Bankruptcy Court and is expected to be completed in the first half of next month, will see Sports Direct save Eastern Outfitters from folding.

Sports Direct has had a disastrous couple of years. This is ahead of the performance of other retail stocks such as Tesco PLC (LON:TSCO) (TSCO.L), Next plc (LON:NXT) (NXT.L), Debenhams Plc (LON:DEB) (DEB.L) and J Sainsbury plc (LON:SBRY) (SBRY.L).

In my view, the acquisition by Sports Direct could provide a platform for future growth.

Easter holiday rooted in Christian faith
Hollywood, MD- Today is Easter Sunday, one of the most celebrated days among Christians around the world. President of the Christian Association of Nigeria (CAN), Rev.


  • 'John 3:16' written in blood on Aaron Hernandez's forehead, source says

    'John 3:16' written in blood on Aaron Hernandez's forehead, source says

    According to a report in the Boston Globe , Hernandez's death may impact his conviction in the 2013 shooting death of Odin Lloyd . So, an impossibly complex story is no more clear today, something as absolute as death instead offering the opposite of closure.
    Egyptian-American woman freed in Egypt goes home on US military plane

    Egyptian-American woman freed in Egypt goes home on US military plane

    Her case was on the agenda when President Donald Trump met earlier this month with Egypt's president. Trump dispatched a USA government aircraft to Cairo to bring Hijazi and her family to Washington.
    2 killed amid massive anti-government marches in Venezuela

    2 killed amid massive anti-government marches in Venezuela

    As tensions have mounted, the government has used its almost-complete control of Venezuela's institutions to pursue its opponents. Foreign governments are also warning about the increasingly bellicose rhetoric and repressive stance of the government.
  • Tillerson declares Iran nuclear deal a failure

    But he said its "nuclear ambitions" remained "a grave risk to worldwide peace and security". Department of State certified to U.S.
    Miami's Chen pulled from no-hit bid to start 8th vs Seattle

    Miami's Chen pulled from no-hit bid to start 8th vs Seattle

    Yelich, sprinting with his back to home plate, leaped into the air and caught the ball, only to crash face-first into the wall. He just tried to use the Marlins' aggressiveness to his advantage.

    Mike Pence: USS Carl Vinson Location Snafu Wasn't Intentional

    But according to Spicer, Trump's comments shouldn't have been taken to mean the peninsula was the carrier group's first stop. Navy strike fleet headed by USS Carl Vinson was thousands of kilometers away from the Korean peninsula last weekend.
  • Fox News Channel dismisses O'Reilly, its biggest star

    In a memo to Fox staff, the Murdochs said the decision followed an extensive review done in collaboration with an outside counsel. He pushed a populist, conservative-leaning point of view, and was quick to shout down those who disagreed with him.
    Coupons for Wi-Fi hotspots coming soon at your nearest kirana shop

    Coupons for Wi-Fi hotspots coming soon at your nearest kirana shop

    Another interesting thing is, this service can be provided over license-free ISM (Industrial, Scientific, and Medical) band. This allows users to buy low-priced Wi-Fi data vouchers even at local street vendors and grocery market.
    Ichiro hits home run in potential final at-bat in Seattle

    Ichiro hits home run in potential final at-bat in Seattle

    NOTES: Marlins OF Ichiro Suzuki's fourth inning single was his 1,239th hit at Safeco Field , the most in the stadium's history. They averted the fifth no-hitter against them at Safeco when Haniger extended his hitting streak to 12 games.
  • Officer killed, another wounded in Paris attack; shooter 'neutralized'

    Officer killed, another wounded in Paris attack; shooter 'neutralized'

    The incident came as French voters prepared go to the polls in the most tightly-contested presidential election in living memory. Police have issued an arrest warrant for a second suspect who arrived from Belgium by train, according to Reuters.
    Paris police say officer and attacker shot, killed

    Paris police say officer and attacker shot, killed

    Ministry spokesman Pierre-Henry Brandet said on BFM television that a man came out of a auto and opened fire on a police vehicle. France's Prime Minister Bernard Cazeneuve paid tribute to the officer and tweeted that his thoughts are with the family.
    Reckitt first-quarter sales flat as problems persist

    Reckitt first-quarter sales flat as problems persist

    Reckitt Benckiser said it's on track to close its $16.6 billion takeover of Mead Johnson Nutrition Co.in the third quarter. Last year, sales were boosted by the launch of the "Wet & Dry Express pedi" footcare product that subsequently flopped.