HEATONS SHOCK
Store refuses to comment on closing down sale
HEATONS on Gorey’s main street unexpectedly advertised a closing down sale on Friday morning with many speculating Sports World who occupy upstairs of the store is set to take over.
The €48 million sale of Heatons to Mike Ashley of Sports World (also known as Sports Direct) was completed in March 2016 after the two sides settled a bitter legal dispute at the High Court. Mr Ashley, who is a billionaire, owns Newcastle United and a share in Glasgow Rangers.
Sports Direct has owned a 50 per cent stake in Heatons for years and in October 2016 it increased that to a majority stake and engineered an agreement to buy the remainder.
When contacted by this newspaper, the manager for Heatons in Gorey said he could not comment on the current situation.
There was widespread shock on Friday morning as Heatons situated on the Main Street unexpectedly advertised a closing down sale in their window.
It is believed Sports World (also known as Sports Direct) who occupy upstairs of the shop are taking over the entire store. It is unclear when Heatons will close down and if staff are affected. There is currently a sale on all stock downstairs.
When contacted by this newspaper, the Manager for Heatons in Gorey said he could not comment on the current situation.
The €48 million sale of Irish store chain Heatons to Mike Ashley’s Sports Direct was completed in March 2016 after the two sides settled a bitter legal dispute at the High Court. Billionaire Mr Ashley owns Newcastle United and a share in Glasgow Rangers.
Sports Direct has owned a 50 per cent stake in Heatons for years and in October 2016 it had marginally increased that to a majority stake and had engineered an agreement to buy the remainder.
A separate legal row had been under way between the parties before that agreement was reached, with Sports Direct having sued Heatons’ other shareholders, claiming that Heatons had entered into numerous property transactions without the consent of Sports Direct.
Heatons, which has almost 60 outlets, had claimed that Sports Direct was attempting damage on the Irish department store chain.
But the sides then agreed to sales terms that would see Sports Direct secure full ownership of Heatons, paying €47.5 million for the stakes it didn’t already own.