Sports Direct is in a race against the clock to appoint an auditor ahead of its annual general meeting in September when current auditor Grant Thornton will step down.
The troubled sporting goods retailer has asked the government for guidance as it stands to become the first major listed business to fail to appoint an auditor, which is in breach of stock market rules, the Financial Times has reported.
Sports Direct said Grant Thornton, which has acted as the retailer’s auditor since its 2007 stock market debut, “intends not to seek reappointment as the company’s auditors” following its annual general meeting on September 11.
The news comes shortly after the retailer published its annual report, which said that it proposed Grant Thornton be reappointed by shareholders at the AGM.
Please sign in now if you have a subscription or are already registered with us.
Retail-Week.com provides premium, in-depth intelligence that helps retailers judge risks, spot opportunities and identify what they need to do to win in the digital economy.
Register today for a taste of our high-quality intelligence and enjoy:
Discover Retail Week register now
Please note, if you have recently purchased a subscription, it may take a few minutes before your account is updated.