19th Jun 2020 11:02
(Alliance News) - JD Sports Fashion PLC has appealed the UK's Competition & Markets Authority's decision to block its acquisition of Footasylum, according to a filing by the watchdog posted on Thursday.
The regulator said that on Wednesday, JD Sports made an application "for a review of the CMA's decision".
JD Sports was in May ordered to sell Footasylum, which it initially agreed to buy for GBP90 million.
The FTSE 100-listed retailer hit out at the watchdog, accusing it of failing "to meet its objective of protecting consumer interests".
It said at the time: "Today's decision will be detrimental for Footasylum, its customers, its 2,500 staff and the UK sports retail market as a whole."
The CMA said the tie-up would have left customers with "fewer discounts or receiving lower quality customer service".
Explaining its decision, the watchdog had said in May: "It is obvious that coronavirus has led to retailers facing uncertain and challenging trading conditions and the CMA has considered how this might affect the competition concerns surrounding this transaction. While it is significantly affecting the sector, the CMA has not found evidence that the impact of coronavirus would remove its competition concerns."
Shares in JD Sports on Friday were up 1.1% at 648.60 pence each in London.
By Eric Cunha; [email protected]
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