160 jobs saved as JD Sports buys Ark
LEEDS-based fashion chain Ark has been acquired out of administration by North West retailer JD Sports, in a move which will save 160 jobs at 10 shops.
The listed company will retain 10 stores, but “uneconomic” sites in Cambridge, Norwich and Merry Hill in the Midlands and a Hearts and Bows store in Manchester have been closed by administrators Begbies Traynor.
Ark’s parent company Rett Retail will continue to trade in its current form from its Leeds office and its management team has been retained.
A spokesperson for JD Sports Fashion Ltd, said: “We are delighted to have added the Ark fascia to our young fashion offer which brings with it some leading brands and a successful own brand offer (Cloak and Hearts and Bows).
“We look forward to supporting the established management team to develop the business further.”
Tom Edge, director of Rett Retail and Ark Fashion, added: “Becoming part of the JD group is the best deal for all those involved in Rett Retail and we look forward to working with them for an exciting future.”
David Acland, partner at Begbies Traynor, said: “This sale has protected a large number of vital jobs in the retail sector. At the same time, it enables JD Sports to continue its ambitious expansion plans, following on as it does from other key strategic acquisitions earlier in the year.
“It is no secret that many retail businesses are facing a hugely challenging environment at the moment, and this deal is a welcome piece of good news for the sector.”
