{"id":7934,"date":"2016-03-02T16:52:32","date_gmt":"2016-03-02T16:52:32","guid":{"rendered":"http:\/\/unitelive.org\/?p=7934"},"modified":"2016-03-02T16:52:32","modified_gmt":"2016-03-02T16:52:32","slug":"sports-direct-falls-from-ftse-100","status":"publish","type":"post","link":"https:\/\/unitelive.test.igniteamt.com\/?p=7934","title":{"rendered":"Sports Direct falls from FTSE 100"},"content":{"rendered":"
<\/div>\n

After concerted campaigning from Unite and several media investigations revealing draconian working conditions at the retail giant\u00e2\u20ac\u2122s Shirebrook warehouse, Sports Direct has fallen out of the FTSE 100 today (March 2).<\/p>\n

 
\nA stunning \u00c2\u01411.6bn has been wiped away from Sports Direct\u00e2\u20ac\u2122s value and its share price has plummeted by 40 per cent since December.<\/p>\n

 
\nAt the beginning of the year, the retailer announced that profits would be \u00c2\u014140m less than expected.<\/p>\n

 
\nAs UNITElive has previously reported<\/a>, an undercover Guardian investigation in December found workers being subject to a forced search after their shift lasting about 15 minutes \u00e2\u20ac\u201c time for which they weren\u00e2\u20ac\u2122t compensated.<\/p>\n

 
\nThe Guardian revelations prompted calls for the HMRC to investigate whether the retail giant may be illegally paying its workers below the minimum wage.<\/p>\n

 
\nA separate BBC investigation revealed that ambulances had been called to the warehouse more than 80 times in two years, while a Channel 4 Dispatches expose spoke to workers who were constantly in fear of losing their jobs after being intimidated over a tannoy if they weren\u00e2\u20ac\u2122t working fast enough.<\/p>\n

 
\nUnite represents permanent workers at the retailer\u00e2\u20ac\u2122s Shirebrook warehouse, where 3,000 agency staff are also employed.<\/p>\n

 
\nDignity call<\/strong><\/em><\/p>\n

Unite has called on Sports Direct to restore dignity in the workplace by directly employing agency workers supplied by Transline and the Best Connection.<\/p>\n

 
\nThe news that Sports Direct has fallen out of the premier 100 companies in the UK follows several demonstrations Unite has staged, notably in Glasgow<\/a> and Newcastle<\/a>, where a Sports Direct Shame banner was unfurled at Newcastle United and Rangers matches, which was broadcast to millions on live TV.<\/p>\n

 
\nTUC general secretary Frances O\u00e2\u20ac\u2122Grady said that Sports Direct\u00e2\u20ac\u2122s fall from the FTSE 100 should be \u00e2\u20ac\u015ba cautionary tale for companies who treat their workers badly.<\/p>\n

 
\n\u00e2\u20ac\u015bThe reputational and financial damage Sports Direct has suffered is of its own making,\u00e2\u20ac\u0165 she said.
\n\u00e2\u20ac\u015bSubjecting staff to workhouse conditions is not the way to build a successful business,\u00e2\u20ac\u0165 O\u00e2\u20ac\u2122Grady added. \u00e2\u20ac\u015bShareholders must demand root and branch changes or Sports Direct\u00e2\u20ac\u2122s name will continue to be dragged through the mud.\u00e2\u20ac\u0165<\/p>\n

 
\nEven the business community sharply criticised Sports Direct after the Guardian\u00e2\u20ac\u2122s investigation, with the Institute of Directors calling the retailer \u00e2\u20ac\u015ba scar on British business\u00e2\u20ac\u0165.<\/p>\n

 
\nFormer shadow business secretary Chuka Ummuna had called an urgent parliamentary question in response to the allegations against Sports Direct, which forced business minister Nick Boles to address concerns in the Commons as the scandal came to light.<\/p>\n

 
\nIn response to today\u00e2\u20ac\u2122s news that Sports Direct\u00e2\u20ac\u2122s fortunes were plummeting, Ummuna said, \u00e2\u20ac\u015bWhat this illustrates is that good business is good business and vice versa. So if you\u00e2\u20ac\u2122re going to be seen to be pursuing a business model that customers do not approve of there will be an impact on how the company is viewed and valued.\u00e2\u20ac\u0165<\/p>\n

 
\n\u00e2\u20ac\u015bInvestors and customers are not only looking for good value,\u00e2\u20ac\u0165 he added. \u00e2\u20ac\u015bIncreasingly they are looking for good values in a company.\u00e2\u20ac\u0165<\/p>\n

 
\nUnite assistant general secretary Steve Turner said Sports Direct had become \u00e2\u20ac\u015bthe poster boy for bad British business with its shady corporate governance and draconian working practices.\u00e2\u20ac\u0165<\/p>\n

 
\n\u00e2\u20ac\u015bAs a result investors are turning their back on a company that brings with it a stench of abuse and malpractice,\u00e2\u20ac\u0165 he said.<\/p>\n

 
\nSalutary warning<\/strong><\/em><\/p>\n

\u00e2\u20ac\u015bIts fall from the FTSE 100 is salutary warning to boardrooms across the UK and points to deep seated problems within the retailer,\u00e2\u20ac\u0165 Turner added. \u00e2\u20ac\u015bSports Direct needs to heed the message being delivered by the City and fundamentally rethink its corporate governance and the way it treats its workforce.<\/p>\n

 
\n\u00e2\u20ac\u015bPaying lip service to reviewing employment practices and giving pitiful pay rises will not repair Sports Direct\u00e2\u20ac\u2122s tarnished reputation or meet Mike Ashley\u00e2\u20ac\u2122s promise of the retailer becoming a model employer.<\/p>\n

 
\n\u00e2\u20ac\u015bSports Direct should be under no illusion,\u00e2\u20ac\u0165 Turner asserted. \u00e2\u20ac\u015bUnite will not stop campaigning until justice and dignity is secured in the workplace at Sports Direct. Only through root and branch reform and by working with Unite will Sports Direct begin to repair its battered share price and regain the confidence of customers and investors alike.\u00e2\u20ac\u0165<\/p>\n

 <\/p>\n

 <\/p>\n","protected":false},"excerpt":{"rendered":"

After concerted campaigning from Unite and several media investigations revealing draconian working conditions at the retail giant\u00e2\u20ac\u2122s Shirebrook warehouse, Sports Direct has fallen out of the FTSE 100 today (March 2).   A stunning \u00c2\u01411.6bn has been wiped away from Sports Direct\u00e2\u20ac\u2122s value and its share price has plummeted by 40 per cent since December. […]<\/p>\n","protected":false},"author":1,"featured_media":2227,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":[],"categories":[1],"tags":[388],"wps_subtitle":"Share price plummets ","_links":{"self":[{"href":"https:\/\/unitelive.test.igniteamt.com\/index.php?rest_route=\/wp\/v2\/posts\/7934"}],"collection":[{"href":"https:\/\/unitelive.test.igniteamt.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/unitelive.test.igniteamt.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/unitelive.test.igniteamt.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/unitelive.test.igniteamt.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=7934"}],"version-history":[{"count":1,"href":"https:\/\/unitelive.test.igniteamt.com\/index.php?rest_route=\/wp\/v2\/posts\/7934\/revisions"}],"predecessor-version":[{"id":7935,"href":"https:\/\/unitelive.test.igniteamt.com\/index.php?rest_route=\/wp\/v2\/posts\/7934\/revisions\/7935"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/unitelive.test.igniteamt.com\/index.php?rest_route=\/wp\/v2\/media\/2227"}],"wp:attachment":[{"href":"https:\/\/unitelive.test.igniteamt.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=7934"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/unitelive.test.igniteamt.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=7934"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/unitelive.test.igniteamt.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=7934"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}