// Sports Direct negotiating with Jack Wills landlords for lower rent rates across its 100-store portfolio
// The Mike Ashley-owned retail empire acquired Jack Wills for £12.75m via a pre-pack administration deal
// Sports Direct aims to reduce rent rates within weak performing Jack Wills stores
Sports Direct is reportedly seeking rent cuts for Jack Wills – the struggling retailer it most recently acquired for £12.75 million via a pre-pack administration deal.
The Mike Ashley-owned retail empire is negotiating with landlords to slash rents across Jack Wills’ 100-strong store portfolio.
Sports Direct aims to reduce rent rates within weak performing stores, and some could be closed if new deals cannot be struck, according to City AM.
CBRE is advising Sports Direct on the Jack Wills property portfolio.
On Wednesday, Sports Direct’s executive Michael Murray has said that Jack Wills has “over-extended itself” in its physical retail offer.
He also said Sports Direct was “definitely not a business in crisis” despite concerns over its recent initiatives and acquisitions.
As a result of the acquisition, all 100 Jack Wills stores in the UK and Ireland, as well as the distribution centre, will be transferred to Sports Direct, along with all 1700 employees.