Mike Ashley adds more retail brands to Sports Direct's burgeoning portfolio

 
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Mike Ashley is adding yet more brands to the Sports Direct holdings (Source: Getty)

Retail tycoon Mike Ashley is expanding his already burgeoning portfolio of brands with a succession of new investments.

Sports Direct went on a buying spree of US businesses last week, taking over Eastern Outfitters and buying a 7.9 per cent stake in athletic apparel store Finish Line.

Sports Direct bailed out Eastern Outfitters earlier this month, preventing the parent company of outdoor clothing retailer Eastern Mountain Sports and discount chain Bob's Stores from going into liquidation. Eastern Outfitters filed for bankruptcy in February. Between its two brands, the company has almost 90 stores in the North West of the USA, though several are set to be shuttered as part of the bankruptcy settlement.

Sports Direct takes control from Versa Capital Management.

The British retail company also took a stake in Finish Line, an American shoe and clothing chain which reported a loss of $9.5m in its last quarterly results.

Finish Line, founded in 1981, previously found success selling top brands like Nike and Adidas, but has recently fallen foul of the downward trend in shopping mall footfall.

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