Frasers offloads US discount sports retailers for £56 million
The Bobs and EMS stores did not "include any of the new elevated stores which are core to the FG Elevation strategy", according to Frasers. This new strategy was introduced by Michael Murray, Frasers' new CEO, after taking over from his future father-in-law Mike Ashley.
"The disposal of these non-core businesses allows FG to have an even greater focus on delivering its Elevation strategy by focusing on store experience, digital and product" Frasers added.
Speaking on his appointment Murray said that the elevation strategy would "take the group to new heights".
Frasers bought the US discount sports retailers out of bankruptcy in 2017 for £80 million, marking its first entry into the US retail market. In August 2021 Frasers had announced a strategic review of Bobs Stores after Nike closed its wholesale accounts with the chain.
The funds would go into the group's general working capital pool, the retail group said.