{"id":167074,"date":"2020-08-05T11:24:00","date_gmt":"2020-08-05T11:24:00","guid":{"rendered":"https:\/\/www.theindustry.fashion\/jd-sports-and-shareholder-fined-300000-after-footasylum-takeover\/"},"modified":"2021-08-06T12:06:45","modified_gmt":"2021-08-06T12:06:45","slug":"jd-sports-and-shareholder-fined-300000-after-footasylum-takeover","status":"publish","type":"post","link":"https:\/\/www.theindustry.fashion\/jd-sports-and-shareholder-fined-300000-after-footasylum-takeover\/","title":{"rendered":"JD Sports and shareholder fined \u00a3300,000 after Footasylum takeover"},"content":{"rendered":"

The Competition and Markets Authority has slapped JD Sports and its biggest shareholder with a \u00a3300,000 fine<\/strong> for allegedly breaking an order from the watchdog over its purchase of Footasylum.<\/p>\n

<\/p>\n

The CMA said that when Footasylum closed a store in Wolverhampton<\/strong> its new owners had not stuck to the rules.<\/p>\n

It imposed the fine on JD and Pentland Group, charging they had \u201cwithout reasonable excuse, failed to comply in certain respects with the requirements imposed on them<\/strong> by the initial enforcement order issued by the CMA\u201d.<\/p>\n

But JD Sports said it strongly disagreed with the CMA\u2019s decision,<\/strong> and is \u201ccarefully considering our options\u201d.\u00a0It said the potential breach had been made by Footasylum, without JD\u2019s knowledge.<\/p>\n

The decision surrounds JD\u2019s \u00a380m\u00a0acquisition of Footasylum, which was first made public in March last year<\/strong> when the company made a bid for the shares. A month later the takeover went through.<\/p>\n

But, pending an investigation into whether it would let the deal go ahead, the CMA imposed a so-called official enforcement order on the companies.<\/strong><\/p>\n

The order banned them from making any changes to Footasylum\u2019s portfolio of stores<\/strong> without prior permission, among other things.<\/p>\n

So on 23 October when a trustee who monitors the process found out that Footasylum was planning to close its site in Wolverhampton the trustee warned bosses to ask for permission first.<\/strong><\/p>\n

But the next day, the CMA says, Footasylum served the break notice with its landlord<\/strong> without telling the trustee or asking for the watchdog\u2019s permission.<\/p>\n

Footasylum told the CMA that it was already planning to close the site<\/strong> before the takeover. That would have meant it was not part of the enforcement order, but officials said that they had not been told that in advance.<\/p>\n

Footasylum was allowed to continue to operate on its own throughout the period of the order, with its chief executive making all decision, apart for some financial issues for which it needed approval from bosses at JD.<\/p>\n

JD Sports said: \u201cWe strongly disagree with the CMA\u2019s decision to fine JD Sports for an alleged breach of the \u2018hold-separate\u2019 order.<\/p>\n

\u201cThe terms of the order legally oblige JD and Footasylum to be operated as separate businesses<\/strong> by separate management teams, with the consequent alleged breach relating to an independent decision made by Footasylum management without JD\u2019s knowledge or involvement.\u00a0We are carefully considering our options.\u201d<\/p>\n

In May the CMA blocked JD\u2019s takeover of Footasylum, saying it would \u201cleave shoppers with fewer discounts or receiving lower quality customer service\u201d.<\/p>\n

JD is appealing the decision.<\/p>\n

\"\"<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

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