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30/08/2012
JJB Sports Up For Sale
Sports chain JJB Sports has put itself up for sale.
This follows a failed attempt to raise funds for the revamp of up to 180 stores.
The Wigan-based retailer, which employs about 4,000 people, warned shareholders that a rescue deal may see holdings in the company rendered worthless.
JJB blamed said weak sales on poor weather, a reduction in replica football kits during the European Championships and competition by rival Sports Direct.
In a statement JJB said: "The board has decided to conduct a formal sale process of the company and now wishes to invite offers to support further investment in the company, which may result in a sale of the company or its assets."
Matthew McEachran, a retail analyst at Singer Capital Markets, said: "On the assumption that a sale is unlikely, the next step is likely to be administration which will inevitably see capacity withdrawn via closures, albeit not necessarily of the entire business."
(GK)
This follows a failed attempt to raise funds for the revamp of up to 180 stores.
The Wigan-based retailer, which employs about 4,000 people, warned shareholders that a rescue deal may see holdings in the company rendered worthless.
JJB blamed said weak sales on poor weather, a reduction in replica football kits during the European Championships and competition by rival Sports Direct.
In a statement JJB said: "The board has decided to conduct a formal sale process of the company and now wishes to invite offers to support further investment in the company, which may result in a sale of the company or its assets."
Matthew McEachran, a retail analyst at Singer Capital Markets, said: "On the assumption that a sale is unlikely, the next step is likely to be administration which will inevitably see capacity withdrawn via closures, albeit not necessarily of the entire business."
(GK)
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17 September 2012
JJB Sports Takeover Deal Threatens 2,000 Jobs
Sports Direct International may finalise a deal to take over struggling rival JJB Sports, in a move that could see around half of JJBs 180 stores closing and the lose of almost 2,000 jobs. The bid from Mike Ashley, owner of Newcastle United Football Club and founder of Sports Direct, is currently the leading contender of the eight tabled.
JJB Sports Takeover Deal Threatens 2,000 Jobs
Sports Direct International may finalise a deal to take over struggling rival JJB Sports, in a move that could see around half of JJBs 180 stores closing and the lose of almost 2,000 jobs. The bid from Mike Ashley, owner of Newcastle United Football Club and founder of Sports Direct, is currently the leading contender of the eight tabled.
16 April 2008
JJB To Close 72 Stores After Profits Slump
JJB Sports has announced it is closing of 72 of its stores and axing 800 jobs following a massive fall in its annual profits. The Wigan-based sports retailer and health clubs group, which currently employs 1,200 people in more than 400 stores throughout the UK, revealed adjusted profits fell sharply, down 28.5% to £33.
JJB To Close 72 Stores After Profits Slump
JJB Sports has announced it is closing of 72 of its stores and axing 800 jobs following a massive fall in its annual profits. The Wigan-based sports retailer and health clubs group, which currently employs 1,200 people in more than 400 stores throughout the UK, revealed adjusted profits fell sharply, down 28.5% to £33.
14 May 2012
Half Of Royal Mail London Sorting Office To Be Sold
It has been announced that Royal Mail will sell off half of its flagship sorting office in central London with the transformation of the five-hectare (12-acre) site into flats, netting the postal service up to £1bn.
Half Of Royal Mail London Sorting Office To Be Sold
It has been announced that Royal Mail will sell off half of its flagship sorting office in central London with the transformation of the five-hectare (12-acre) site into flats, netting the postal service up to £1bn.
24 September 2012
JJB Sports Prepare To Call In Administrators
Shares in sportswear store JJB Sports has been suspended as the struggling retailer prepares to call in the administrators. The firm said it would continue to trade through all of its outlets while it readies a widely anticipated pre-pack administration.
JJB Sports Prepare To Call In Administrators
Shares in sportswear store JJB Sports has been suspended as the struggling retailer prepares to call in the administrators. The firm said it would continue to trade through all of its outlets while it readies a widely anticipated pre-pack administration.
03 August 2005
GB Sports Car Company to develop MG range
The Chinese firm that purchased MG Rover assets has announced that work is to commence on a range of new models at Longbridge in Birmingham. Nanjing Automobile Group and GB Sports Car Company have reached an agreement to collaborate on a range of cars that are expected to be in production by mid-2006.
GB Sports Car Company to develop MG range
The Chinese firm that purchased MG Rover assets has announced that work is to commence on a range of new models at Longbridge in Birmingham. Nanjing Automobile Group and GB Sports Car Company have reached an agreement to collaborate on a range of cars that are expected to be in production by mid-2006.
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