Store closures after Sports Direct buys Evans Cycles
Hundreds of jobs are under threat at cycling retailer Evans Cycles after the company's new owner Sports Direct said as many as half the stores could close.
The chain, which has 62 stores in the UK, currently employs 1,300 staff.
The company, which had been seeking a buyer, went into administration on Tuesday and was then immediately sold in a process sometimes known as a "pre-pack".
Sports Direct chief executive Mike Ashley said: "We are pleased to have rescued the Evans Cycles brand. However, in order to save the business we only believe we will be able to keep 50 per cent of stores open in the future. Unfortunately some stores will have to close."
Landlords of Evans sites, including one in Preston, will be contacted over the next few days to discuss the future of individual stores.