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Sports Direct acquires majority stake in Flannels Friday, 13th July 2012
Photo credit: Flannels Group Ltd
Sports Direct has agreed to buy a 51 per cent majority stake in up-market fashion chain Flannels for what is thought to be a ‘nominal sum’.
Founded in 1976 by Neil Prosser, Flannels operates nine stores across Manchester, Leeds, Liverpool and Birmingham, and is the UK's largest independent luxury retail group.
According to the Independent, the retailer entered a company voluntary arrangement last year, and has since restructured its business, closing a number of its stores. It is believed Sports Direct will pay a nominal sum for the company as it remains in the red.
The acquisition is the latest in a line of fashion-focused deals made by Sports Direct, who last year bought the USC and Cruise clothing chains.