Millets is one of Blacks Leisure’s High Street brands. Photo: Jim Linwood ![[CC-2.0]](/lib/img/layout/cc-attr.gif)
High Street outdoors retailer Blacks Leisure said today it was in talks with potential buyers.
The company, which runs the Millets and Blacks stores, saw its shares rise by 25 per cent on early trading after the news.
Blacks has faced financial difficulties and in November last year its landlords accepted a company voluntary agreement that saw them settle for their share of a compensation pot. Blacks subsequently closed 89 unprofitable stores.
In May the Northampton-based firm made a £20m share call to help finance its plans to open 35 new stores.
A short statement issued by the company today said: “The board of Blacks notes the speculation about the Company in today’s media.
“The board confirms that it is in preliminary discussions with several parties regarding either a possible offer for the company or an offer to acquire certain of the company’s trading activities and related assets.
“There is no certainty that any formal offers will be forthcoming or as to the terms on which any such offer might be made.”
Blacks has appointed McQueen Limited to advise the board.
GKS
19 October 2010One of the new Stores, Blacks in Newcastle Upon Tyne, a flagship new format store, is closing down, less than 2 years after opening.
Ray
19 October 2010Blacks needs to decide if it is going to be an serious outdoor retailer, or a retailer that sells some outdoor goods. The first time I visited a Blacks store was back in about 1998 and they had a decent range of brands. Gradually the range of brands has been shrinking and more and more casual items have started appearing.
The Liverpool branch of Blacks recently re-opened after having closed during the last round of closures. Little has changed, in fact the range of goods is actually worse.
Clothing is predominantly North Face and Berghaus, and is mostly from the lower end of the range, mixed with fashion items.
Virtually all of the footwear is only available in full sizes, with no attempt to stock half sizes.
Perhaps the most worrying thing is the lack of knowledge of the staff. I used to shop regularly in the 'old' Blacks and most of the staff were keen outdoors folk with first hand knowledge of the products and were able to offer decent advice. In the re-opened store, most of the staff are young kids with absolutely no knowledge.