Troubled outdoors retailer and brand owner Blacks Group has announced that it is heading into administration.
Shortly before Christmas, Blacks revealed a number of parties had submitted offers for partial or entire ownership of the Group after inviting offers. Since then the Board has determined any sale of the trade, assets and brands will be effected through an administrators. Brian Green, Richard Fleming and David Costley-Wood, partners of KPMG LLP, have been proposed as administrators.
Blacks owns over 200 Millets stores and 100 Blacks stores, as well as brands Peter Storm and Eurohike.
The Company’s ordinary shares have been suspended from trading on the London Stock Exchange with immediate effect.
In a statement, Blacks Group said: "The Company expects to be in a position to announce a sale of substantially all of the trade, assets and brands of the Group within the next few days. A further announcement will be made in due course."