Sports Direct has abandoned its plans to bid for up-for-sale outdoor specialist Blacks.
The sports giant, which already owns 22.5% of the beleaguered retailer, did not give a reason for its withdrawal from the process.
The retailer’s like-for-like plummeted 7.2% in its first half to August 27 and, when it revealed its interims in October, the retailer said they had plunged by 14.2% since the end of the period.
The outdoor specialist, which has debts of £36m, reported that losses before tax had widened from £7.2m to £16m in its first half.
The group, which owns 98 Blacks stores and 208 Millets outlets, is targeting a sale by January next year.
The firm has appointed accountants KPMG to find potential buyers.