Blacks Leisure set to go into administration
Blacks Leisure is set to go into administration, but is hopeful that the majority of the business will be salvaged by buyers.
The company, which runs 98 Blacks outlets and 208 Millets stores, expects to announce the appointment of administrators shortly to allow the sale as part of a pre-pack deal.
Blacks Leisure, which failed to find an outright buyer after putting itself up for sale following dire trading, has said that shares will be suspended from today because the deal will attribute no value to its stock. It added that it will continue trading as usual while a deal is undergoing.
Dragons' Den star Peter Jones, Newcastle United owner Mike Ashley's Sports Direct and sportswear firm JD Sports have been named as likely bidders for the company.