JD Sports Buys Blacks

U.K.-based JD Sports Fashion Plc has purchased the outdoor equipment, apparel and footwear retailer Blacks Leisure Group for 20 million pounds, or $30.8 million at current exchange rates.
 
Blacks, which operates stores under the Blacks and Milletts banners, has 290 doors. According to a statement, the stores will undergo an evaluation process to determine how many will be retained long term.
 
Blacks is currently operating at a loss, but JD executives said they are confident they can make the chain profitable.
 
“We are delighted to add another leading multibranded retail proposition to our portfolio of retail businesses,” JD Sports Executive Chairman Peter Cowgill said in a statement. “We believe with the support of JD’s operational disciplines and financial strength, along with the existing Blacks management team, we can restore the Blacks business to a profitable market leading position.”