What is the future for Chichester's Jack Wills store after Mike Ashley bought it?

Chichester's Jack Wills store in North Street
Chichester's Jack Wills store in North Street

Following uncertainty over the future of Chichester's Jack Wills store, Sports Direct bought the company last night (Monday August 6).

Last month Jack Wills employed the help of advisory firm KMPG which in the liquidation of HMV and many other high-profile cases of business closures.

Yesterday evening Sports Direct announced it had purchased the fashion retailer for £17.5m. It will take on 100 stores and 1,700 staff as part of the deal, the BBC reported.

A statement from Sport Direct said: "Sports Direct announces the acquisition of the business and assets of the clothing retailer Jack Wills from Jack Wills Limited (in administration) (JW), including all of the UK and Republic of Ireland stores and stock and the international Jack Wills brand, for a cash consideration of £12,750,000.

"For the year ended January 28 2018 (the last date to which statutory accounts are available for JW and prior to the appointment of administrators), JW had gross assets of £98,965,000 and made an operating loss (before exceptional items) of £14,232,000 and a net profit (after exceptional items) of £19,206,000."

Another high profile buy-out the business giant made was House of Fraser which was agreed in August last year. Mike Ashley, owner of Sports Direct, is reported to have said problems with the company were 'terminal' leading to the closure of a number across the country, including one in Chichester.