LONDON: UK sportswear retailer JD Sports may have to sell Footasylum if it does not address competition concerns about last year's acquisition of its smaller rival, Britain's competition watchdog said on Tuesday after an in-depth review of the takeover.
JD, which has valued Footasylum at up to 90 million pounds , said it would continue to make its case to the CMA ahead of a Feb. 25 deadline for new proposals from the company to remedy the concerns. That sent its shares, which have almost tripled in value since late 2018, up 3per cent in morning trade.
"We anticipate that Footasylum will contribute less than 2per cent of the Group's earnings in the year to January 2020," JD said.
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