Frasers Group is selling its US stores as it moves further away from its “bargain basement” roots.
Bob’s Stores and Eastern Mountain Sports in the US will be sold to GoDigital Media Group for $70m (£55.6m).
The company bought the two discount sporting goods chains out of bankruptcy for $101m in 2017, in a move that pushed Frasers, then known as Sports Direct, into the US for the first time.
The company has decided to take the $30m hit after Nike said it would no longer supply the business.
Frasers Group said Bob’s Stores estate did not fit with the “elevation” strategy adopted by Mike Murray, who took over as chief executive this month.
