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News

Frasers nears control of distressed Norwegian sports giant
Frasers Group is nearing a takeover of troubled Norwegian sportswear retailer XXL ASA, having secured over 92% of its share capital and 90% of voting shares. Despite this, Frasers has issued stark warnings, emphasizing XXL's "significant distress" and uncertainty about its rescue.

Frasers stated that saving XXL, which operates 85 stores across Norway, Sweden, and Finland and employs over 4,000 people, will require collaborative effort from all stakeholders. The Sports Direct owner expressed concern that XXL's financial position has deteriorated, partly due to a lack of support from major shareholders who previously turned down Frasers' earlier offers to help stabilise the business. They state that “there is no guarantee that XXL can be saved in its current form or at all.”

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