Sports Direct founder Mike Ashley is once again at odds with Intu Properties over the future of House of Fraser stores within the company’s malls. The well-known retail tycoon is now considering pulling all of his stores, including Flannels, USC, and Evans Cycles, out of Intu properties due to the inability to come to an agreement.
The ongoing dispute between Ashley and Intu has reignited as negotiations over the House of Fraser locations in key malls have hit a roadblock. If no resolution is reached, it could mean the closure of all 17 of Sports Direct’s stores within Intu malls, resulting in a substantial financial loss for the property management company.
Ashley has publicly criticized Intu for its lack of support for retailers in preserving stores and jobs, raising doubts about the future of his retail businesses within Intu properties. This deadlock follows the recent news of House of Fraser closures at select locations as talks with Intu fell through. Despite Sports Direct’s willingness to be flexible in negotiations, the uncertainty surrounding Intu’s takeover bid has created additional complications.
Intu is currently facing a potential takeover bid worth £2.8 billion, adding another layer of complexity to the situation. The looming deadline for the bid’s confirmation, now extended to November 30, leaves the outcome of these events up in the air. Ashley’s threat to exit all stores within Intu properties only adds to the uncertainty, underscoring the far-reaching consequences of failed negotiations in the retail industry.
For more information on this issue, you can visit the official Sports Direct website here or check out the latest updates on Intu Properties on their official website here.
