By Ian Walker
JD Sports Fashion PLC said Thursday that it is selling Sports Unlimited Retail BV to its 50.02%-owned Spanish subsidiary Iberian Sports Retail Group SL for 16.5 million euros ($20.2 million).
The sport-goods retailer said that it believes Iberian Sports Retail is better focused on the sporting sector than the core JD brand, and therefore better placed to drive growth and returns for the business.
However, JD Sports will continue to make strategic decisions over the future of Sports Unlimited, it said.
The sale is expected to complete on June 30.
“By consolidating our sporting goods businesses under the ISRG umbrella, we are absolutely confident that the transfer of SUR [Sports Unlimited] to ISRG [Iberian Sports] will bring long-term development opportunities to both the team at SUR and their international brand partners,” Chairman Peter Cowgill said
Write to Ian Walker at ian.walker@wsj.com
