Britain's Mike Ashley Deserts Short-Lived Bid for Patisserie Valerie

British retail tycoon Mike Ashley’s Sports Direct has withdrawn its offer to buy scandal-hit British cafe chain owner Patisserie Holdings, a source told Reuters on Monday. Sports Direct on Friday offered to buy Patisserie out of administration to enlarge an empire stretching from department stores and sofa shops to lingerie, but wrote to Patisserie administrators KPMG saying it lacked the information required to continue bidding, British media reported on Sunday, Reuters reported. Patisserie Valerie was plunged into crisis in October after its owner uncovered accounting irregularities. It hired KPMG in a last-ditch attempt to save the company, which traces its roots back to a shop founded 93 years ago. The source told Reuters that Sports Direct, Britain’s biggest sporting goods retailer, was given the opportunity to access detailed financial information. Read more