'What's happened to Sports Direct makes your toes curl' Since its float shares have plummeted and Mike Ashley's approach has been making the City uneasy. What next for the retail chain, wonders James Hall

From: The Sunday Telegraph London | Date: July 29, 2007| Author: | Copyright information

It is the business equivalent of Devon Loch, the racehorse, collapsing 50 metres before the finish in the 1956 Grand National, or a multi-bike pile-up in the closing stages of the Tour de France. In other words: a very public disaster.

Last week Sports Direct, billionaire Mike Ashley's retail group that has been dogged by controversy since its high-profile flotation in February, crashed to new lows when it reported its maiden results as a listed company. The shares, which were already languishing a third below their 300p float price, lost a quarter of their value in one day, leaving investors ...

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