Sports Direct apologises as review finds 'serious shortcomings' – business live

Discussion in 'Market News' started by Lily, Sep 6, 2016.

  1. Lily

    Lily Forum Member

    Aug 29, 2015
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    All the day’s economic and financial news, including long-awaited inquiry into working conditions at Sports Direct

    8.17am BST

    My colleague Sean Farrell is analysing the Sports Direct report, and says:

    The report said Sports Direct’s chief executive, Dave Forsey, did not tell the board or Mike Ashley, the retailer’s founder, about the potential for Sports Direct to pay below the national minimum wage, which was also uncovered by the Guardian.

    It said Ashley, who was hauled before MPs over conditions at the warehouse, “takes ultimate responsibility for any aspects of the working practices that were unsatisfactory”.

    Related: Sports Direct to ditch zero-hours contracts

    8.12am BST

    Big news this morning -- Sports Direct has just published a report into working conditions at its warehouse in Shirebrook, Derbyshire, following a Guardian investigation.

    Serious shortcomings identified in working practices in warehouse which the Board deeply regrets and apologises for.

    Related: A day at 'the gulag': what it's like to work at Sports Direct's warehouse

    This Report is to act as a benchmark for a further 360-degree 12-month Comprehensive Review to be put before shareholders in 2017.

    7.47am BST

    Good morning, and welcome to our rolling coverage of the world economy, the financial markets, the eurozone and business.

    It looks like another day dominated by concerns over the health of the global economy, and the impact of Brexit on UK growth.

    Olympics on the TV and sunshine outside kept shoppers away from the high street in August and knocked retail sales, according to new industry data.

    The latest snapshot of takings for shops, online stores and supermarkets from the British Retail Consortium (BRC) showed sales dropped 0.9% on a year earlier, in like-for-like terms. That contrasted with growth of 1.1% in July and was the weakest performance since April.

    Related: UK retail sales in weakest growth since April

    Continue reading...

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