He told the union: “It’s your fault we’re in this mess”.
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Ashley later told reporters he was sorry for what had happened.
However, the tycoon added that he “clearly could have done a better job” at the company. I didn’t knowingly do it badly, I certainly didn’t deliberately do it badly.
In his pockets? A huge wad of red £50 notes – nearly a ideal caricature of a 1980s business tycoon.
Having floated in 2007, the firm grew to a market valuation of 5.5 billion pounds in 2014.
The retailer will now offer its directly-employed casual employees the option of either a zero-hours contract or a permanent contract with at least 12 guaranteed hours a week.
It comes a day after a report commissioned by the company found “serious shortcomings” at its warehouse in Shirebrook, Derbyshire.
He added that workers could not rely on “bad publicity” to stamp out every instance of employers mistreating their staff and called for a ban on zero-hours contracts.
Despite its critical assessment, some shareholders and unions want a new, fully independent review of company practices.
The majority of independent shareholders voted against the re-election of Hellawell as chairman at Wednesday’s AGM, but Hellawell pledged to stay on for another year in the role.
Legal & General Investment Management said following the vote that Hellawell should step down “immediately”.
Shareholder Royal London said Hellawell’s position was untenable.
Although Mr Ashley has been trying to drive home the message that he is not ducking any responsibility when it came to the retailer’s problems, he sparked interest when he demonstrated the Shirebrook warehouse’s security checkpoint to investors and journalists.
The lack of support from independent shareholders, including a host of fund managers who had already signalled they would vote against Hellawell, means the chairman must face another vote within 90 to 120 days. “Without wholesale changes to working conditions, Sports Direct risks finding itself back in the dock”.
The sportswear firm also said it would continue to employ the boyfriend of Mike Ashley’s daughter to run its property arm.
SHIREBROOK, England Sept 7 (Reuters) – Mike Ashley, the billionaire founder and majority shareholder of troubled British retailer Sports Direct, came out fighting as he faced a storm of investor criticism at the company’s annual meeting on Wednesday.
Sports Direct now expects earnings to be around £300million versus the £381.4million in the year to April 24. It said Ashley has committed to executing the firm’s strategic plan over the next two to four years.
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But it is unclear whether its actions will be enough to appease disgruntled shareholders who have seen the share price slump by 60% over the previous year.
