- Billionaire tycoon buys up debts of troubled US retailer Eastern Outfitters
- Parent booked $26m pre-tax operating loss; but Ashley will gain £98m in assets
- Ashley adds 7.9 per cent stake in athletic apparel store Finish Line to brands list
Mike Ashley’s Sports Direct has made its first move into the US retail market after swooping for around 50 stores belonging to two outdoor chains in a $101million (£78m) debt deal.
The billionaire tycoon has snapped up the Bob’s Stores and Eastern Mountain Sports chains after buying up the debts of parent company, troubled retailer Eastern Outfitters, which filed for Chapter 11 bankruptcy protection in February.
The deal will see Ashley take charge of the 50 US based stores under the Bob’s Stores and…