// Suppliers have been left wondering when they’ll be paid money owed to them from brands acquired by Frasers Group this month
// JD Sports has formally completed the divestment of brands to Frasers Group, including Tessuti, Scotts, Choice & Giulio
Suppliers have been left in the dark as to when they will receive money owed to them from brands recently acquired by Frasers Group, Drapers reports.
Earlier this month brands including Tessuti, Scotts, Choice, Giulio and Cricket brands were all been sold to Mike Ashley’s Frasers under the terms outlined on 16 December 2022.
Back in January the brands’ suppliers were told by Frasers Group that it will not be taking in deliveries for spring/summer stock or placing new orders until further notice.
Several suppliers, owed millions of pounds, said there has also been no communication from Frasers regarding outstanding payments from the brands.
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One menswear supplier told Drapers he is owed a five-figure sum from some of the acquired brands and said: “It’s outrageous that this is happening.”
Another menswear agent told the title: “Several of the businesses I work with are owed more than £1m. We are completely left in the dark and there has been no official announcements regarding stocks or payment.”
At the start of the month JD Sports chief executive Régis Schulz outlined his new vision for the group, which includes a focus on its core businesses and the opening of new stores at a rate of 250 to 350 per year in “underpenetrated markets”.
The retailer plans to achieve double-digit sales growth and double digital market share in key regions. It also wants to achieve a double-digit operating margin.
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