23 Feb JD Sports Completes Divesture Of Tessuti Brands
JD Sports Fashion Plc, parent of JD Sports, Finish Line, DTLR, and Shoe Palace, completed the divestment of the businesses which trade as Tessuti (inc Xile), Scotts, Choice, Giulio, and Cricket to Frasers Group Plc.
The terms of the transaction remain as outlined in the company’s announcement in December 2022.
JD Sports confirmed that Rascal Clothing Ltd. had withdrawn from the transaction with Frasers. One of the founders had exercised a pre-emption right agreed upon as part of its acquisition of Rascal on February 5, 2019.
The divestment of Rascal was completed on February 6, 2023.
JD Sports expects to complete the divestment of the business, which trades as Topgrade Sportswear, in due course.