Outdoor sports store Sports Direct has gone into administration, but it doesn’t mean you need to walk away.
Sports Direct is a subsidiary of US retail giant Wal-Mart, which is also part of the chain.
“We have an independent director of sales and sales strategy and the rest of the team, as well as our finance team, is in administration,” Sports Direct CEO Mike Ashley told CNBC.
Ashley told reporters the chain was facing “a very challenging time,” with retail sales falling and profits down, according to Reuters.
But Ashley said the company was not in a panic.
“There is no panic about our business,” Ashley said.
Despite the retailer’s demise, the business remains profitable and its sales have been rising, despite its collapse.
Ashley said he was optimistic about the future of the retail business, but he did not elaborate.
The US is a big market for outdoor sports, but sales are still down compared to years ago, when the industry was booming.
Sports Direct is also facing a series of antitrust investigations over its business practices.
A few months ago, the Justice Department announced it would launch a civil antitrust probe into the retailer.
Shares of Sports Direct have been plummeting over the past few months.
On Friday, the company said it had reached an agreement with the Justice Dept. and would pay $1.5 billion to settle a case related to its role in the 2010 collapse of online retailer GameStop.
It also said it would pay a $50 million fine to the Department of Justice for failing to provide proper security for customer data during the company’s collapse.