Sports Direct has cancelled an investor day that was a key part of a charm offensive to win over the City and investors.
The retail group, founded and headed by Mike Ashley, cited “considerable additional and immediate workload”,brought on by the completion of its Everlast acquisition, as the reason for cancelling the event.
Analysts interpreted the move as a further sign that the sports retailer could be struggling.
Panmure Gordon analyst Philip Dorgan said: "Companies don't cancel investor days lightly. I can't think of an instance when it has been the precursor for good news."
Sports Direct shares closed yesterday at 123p – a huge dive from the 300p debut price when the company floated in February.
A new date is being agreed, but has yet to be sent to investors and analysts.
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