// Frasers Group sells Bob’s Stores and Eastern Mountain Sports to GoDigital Media Group for $70m
// The retailer said the funds will be used for a general working capital pool
Frasers Group has sold Bob’s Stores and Eastern Mountain Sports to US-based GoDigital Media Group for $70 million.
The retailer group said that the sale did not include any of its “new elevated stores”, which are central to its elevation strategy of “focusing on store experience, digital and product”.
The company said: “The board of Frasers Group is grateful to staff in Bob’s Stores and Eastern Mountain Sports for their loyal service and wishes these businesses every success for the future.”
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The sporting and fashion giant, which first acquired Bob’s Stores back in 2017, said the proceeds will go into its general working capital pool.
Shares in the business were up 0.2% to 635.00 pence each in London on Wednesday morning.
The move is part of new chief executive Michael Murray’s plans to take the Sports Direct-owner “forward into the next generation”.
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