Blacks go into administration
January 06 2012
According to reports this morning Blacks Leisure, one of the UK’s largest outdoor retail chains, has said it is to briefly enter administration as part of a takeover deal.
Shares have been suspended from trading on the London Stock Exchange and the company has entered what is known as a ‘prepack arrangement’.
This process will see Blacks put into formal insolvency before emerging under new ownership following a pre-arranged sale.
Four firm offers has been received for the bulk of the business and a deal is expected to be announced in the next few days.
Amongst the bidders for the ailing Blacks and Millet chain are Dragon’s Den star Peter Jones, JD Sports and Sports Direct.
Blacks' stores will remain open for business as usual in the meantime.
The company owns 98 Blacks outlets, 208 Millets stores and the Peter Storm and Eurohike brands. It employs about 3,500 people.
