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.

Earlier this month Blacks dropped plans to raise fresh capital and put itself up for sale after failing to secure extra funding from shareholders and potential new investors.

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.

Blacks revealed earlier this week that Sports Direct had expressed an interest in making a bid for the business.

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.