Mike Ashley, Billionaire and founder of Sports Direct, has brought Evans Cycles out of administration – though only 50% of stores are set to remain open. Ashley believes this is the only way to save the business.
Hundreds of jobs are to be lost.
Evans, almost 100 years old, with 62 shops and 1,300 employees – began seeking a rescue deal last month, when PwC were appointed as advisors.
A lack of cash to invest in stores and online, a cold period to begin 2018, mixed with losses, capital expenditure requirements and tightening credit, caused a difficult year for Evans.
Evans is not the first retailer Ashley’s firm has rescued. In August, Sports Direct brought House of Fraser for £90m, as they entered administration.
Who will Mr Ashley save next???