Another Troubled UK High Street Brand: Jack Wills

Britain's largest sports retailer, Sports Direct International Plc, said on Monday that it bought the troubled British lifestyle brand Jack Wills at 12 million 750 thousand pounds, including all its stock and distribution centers in the UK and Ireland, as well as 100 stores and employees.

The directors of Jack Wills are still considering how to deal with the brand's international business, such as stores in the US, Hongkong and Singapore. The company has about 1700 employees, and has 6 franchised stores in Kuwait, Saudi Arabia, the United Arab Emirates and the Channel Islands, as well as an e-commerce channel serving 130 countries.

Last month, Jack Wills owner BlueGem investment company has been looking for buyers. In the year ended January 28, 2018, the annual operating loss of Jack Wills was 14 million 200 thousand. And last year, Jack Wills has received more than 20 million pounds of extra funds to maintain its operation. (see "ornate ambition": British lifestyle brand Jack Wills is facing bankruptcy crisis, or will choose to sell).

Management company KPMG said on Monday: "like many other retailers, Jack Wills has recently experienced the pressure of increasing cash flow, and high street (high street) is facing the most difficult business environment."

Suzanne Harlow, chief executive of Jack Wills, said: "in the past year, we have been concentrating on improving the status of Jack Wills and the financial performance of the group. Despite significant progress, the challenging business environment has led us to conclude that the best direction for the company's future is to become a part of a larger group. Sports Direct enables us to do that.

KPMG partners and co manager Will Wright said: "Jack Wills has a strong brand and a proud British tradition, so it is very nice that we can reach this agreement with Sports Direct."

It has been reported that owners of Edinburgh Woollen Mill Group and High Street Tycoon Philip Day are also interested in the acquisition of Jack Wills, and finally let Sports owners of Direct, the British billionaire Mike Mike, take the lead again. A year ago, Mike Ashley also grabbed the House of Fraser of the old department store before grabbing Philip Day.

In the past 12 months, Mike Ashley has also planned the acquisition of Evans Cycles and home brand Sofa.com on the UK online bicycle store. He also tried to buy British department store Debenhams, media group HMV and chain Cafe Patisserie Valerie, but failed. Mike Ashley's retail Empire also owns the UK fashion brand French Connection and the Goals Soccer Centres of the team operation company.