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JD Sports Fashion agrees to sell Sports Unlimited Retail to Iberian Sports Retail
StockMarketWire.com
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Sports retailer JD Sports Fashion said it had struck a non-binding agreement to sell Netherlands-based subsidiary Sports Unlimited Retail BV to Iberian Sports Retail, its 50.02% subsidiary based in Spain, for €16.5 million.
Iberian Sports Retail is more focused on the sporting goods sector than the core JD brand and would be better placed to drive growth and higher returns in Sports Unlimited Retail BV in the longer term, the company said.
'By consolidating our sporting goods businesses under the ISRG umbrella, we are absolutely confident that the transfer of SUR to ISRG will bring long term development opportunities to both the team at SUR and their international brand partners,' it added.
Story provided by StockMarketWire.com
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