Frasers could 'potentially' re-open stores in June
By Frank Prenesti
Date: Friday 22 May 2020
(Sharecast News) - Sports Direct owner Mike Ashley said his Frasers Group stores could potentially re-open on June 1 in line with government proposals for a phased easing of coronavirus lockdown measures.
The company said the restart was not guaranteed. There are disagreements within the UK over the pace of re-openings with Scotland and Wales still demanding people stay at home to stop the spread of the virus.
Frasers, which also owns Evans Cycles, said its online offering of sporting goods, fitness equipment and other products had continued trading after the government ordered the closure of all non-essential stores in late March.
Ashley on Friday told staff they would receive 100% of pay in May whether furloughed or not.
Senior management including chief financial officer Chris Wootton, head of commercial Sean Nevitt and non-executive directors would stay on a reduced annual salary capped at £40,000 at this time. Ashley would continue to waive his salary, Fraser said in a statement.
"The Frasers Group is nothing without its people, and I want to thank them all for their continued support and hard work," said Ashley in a letter to staff.
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