Everlast Bought by Mike Ashley
The June 29, 2007 edition of Telegraph explains how Sports Direct, the retailer that own Sports World chain and the Lillywhites store in the UK has purchased Everlast, the well-known American boxing glove manufacturer, for 84 million pounds.
Sports Direct, being in financial trouble, hopes that this move will help them break into the lucrative
Dave Forsey, chief executive of Sports Direct, said: “The Sports Direct board is confident that this acquisition will benefit our wholesale, licensing and retail businesses, while providing us with a significant stepping stone into the important
Mike Ashley, the retail entrepreneur and new owner of Newcastle United, brought Sports Direct to the market in February, with high hopes.
But the company’s shares have fallen from 300p to 180p and has had problems with the City, causing chairman David Richardson to step down.
Sports Direct will fund the acquisition with existing credit facilities.