JJB news and archive

Sports Direct saves 20 JJB Sports stores

Sportswear retailer JJB Sports has confirmed that it is selling 20 of its stores to rival Sports Direct after the company announced the appointment of administrators KPMG. The deal, which also includes the brand and website, will save up to 550 jobs in the UK, including warehouse staff. However, the agreement does mean that the remaining 133 JJB...

Fashion

JJB on brink of administration

After weeks of speculation, JJB Sports is expected to go into administration as trading of its shares has been suspended. The company is continuing its operations in the wake of administration, but the result is the value of its existing shares will be practically nullified, as it hopes to clear off its debts. The fashion and sporting retailer...

Design

Sporting events boost retail

The Jubilee and upcoming Olympics are boosting the ailing retail industry with both merchandise and feel-good factors, and now retailers are hoping the Euro 2012 will be another profitable event. Casual fashion and sportswear retailers may benefit from the tournament if the England team plays well. Panmure Gordon analyst Philip Dorgan said the...

Design

Dick´s Sporting Goods & Bank of Scotland rescue JJB Sports

Dick's Sporting Goods and Bank of Scotland are in conversations to rescue the troubled JJB Sports. The American retailer will invest an initial £20m into the British sportswear retailer, most of it in return for convertible notes. "We believe that the investment package and strategic alliance with Dick's will provide a real opportunity to...

Design

JJB Sports in talks with potential partner

JJB Sports has seen its market value soar after the company announced it found a 'potential strategic partner.' American fashion sporting chain Dick's Sporting Goods, which has nearly 500 shops in the US, is thought to be in negotiations with JJB about acquiring a minority stake, which would provide it with funds to help safeguard its...

Fashion

JJB sports sales slump 22.6%

Ailing fashion and sportswear retailer JJB has taken another hit, reporting pre-tax losses of £66.5m. The company cited poor second half trading, which is likely to affect it's full-year performance. The loss is 177.1% decline on the comparable figure last time – on sales down 22.6% to £142.4m. The adjusted operating loss for the period to July...

Fashion

JJB recovery could take 5 years

The financial losses suffered by JJB Sports more than doubled to £181.4m last year, and the retailer warned that its recovery could take between three and five years. The loss came after one-off costs of £108m during a year in which JJB came close to going into administration. New management at Wigan-based JJB, which has more than 200 shops, has...

Fashion

JJB sports in 65m fundraiser

Ailing retailer JJB Sports has launched a new £65m fundraising drive in a move that it hopes will draw a line underneath its recent financial turmoil and help the company to move forward with its new restructuring plan. The proposed issue of 162.5m new shares has secured the support of four of its biggest stakeholders – Harris Associates,...

Fashion

JJB Sports approved CVA proposal

UK sporting company, JJB Sports, has announced that its proposal for Company Voluntary Arrangements(CVA) has now been approved by creditors. The company and subsidiary, Blaine Leisure Limited, had its arrangements approved yesterday and therefore 'will not be in administration as a result.' Mike McTighe, chairman of JJB, yesterday commented;...

Fashion

JD Sports Fashion loses interest on JJB Sports

JD Sports Fashion has abandoned interest in a takeover of JJB Sports after claiming its ailing rival had snubbed its requests for information.With JJB working on its own survival plan, JD said it had not received a response from JJB that would have helped it proceed with its approach. According to associated Press, JD, whose interest in JJB was...

Fashion

No end to JJB Sports financial woes

Sporting retailer JJB saw lower than expected November sales, putting it in position to breach the terms of its bank borrowings. Last year the company raised a £100m equity and renegotiated leases, but it wasn't sufficient to stave off its troubled sales. The company said that was considering its options for restructuring or alternative sources...

Fashion

Sport Direct purchase of JJB not competition

Sports Direct purchase of 31 JJB stores has been cleared by the Competition Commission. The Competition Commission says it does not expect the acquisitions to lead to a “substantial lessening” of competition nor any adverse effects for customers. Chairman of the inquiry group and the commission's deputy chairman, Diana Guy said: “We do not...