5th Aug 2020 12:29
(Alliance News) - The UK Competition & Markets Authority on Wednesday said that it has issued a GBP300,000 fine to retailer JD Sports Fashion PLC and its biggest shareholder Pentland Group Ltd for breaching an order relating to the GBP80 million acquisition of rival footwear chain Footasylum Ltd.
The monopoly regulator said JD Sports and Pentland failed to comply with its enforcement order when Footasylum closed a store in Wolverhampton, England.
JD Sports and Pentland have, without reasonable excuse, failed to comply in certain respects with the requirements imposed on them by the initial enforcement order issued by the CMA on May 17, the regulator said.
The order banned the companies for making making any changes to Footasylum's store portfolio without prior permission of CMA.
In May, the CMA blocked JD Sports' takeover of Footasylum, saying it would "leave shoppers with fewer discounts or receiving lower quality customer service".
Shares in JD Sports were trading 2.4% higher at 630.98 pence each in London on Wednesday afternoon.
By Tapan Panchal; [email protected]
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