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17/09/2012
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.
He is believed to have plans to axe all but the most profitable stores with the rest of the company being put into administration.
Competition authorities are likely to scrutinise any deal, as Sports Direct is already Britain's largest high-street sporting goods chain.
Wigan-based JJB was once the biggest UK sports retailer, valued at £1bn at its peak, but plunged into chaos under chief executive and substantial shareholder Chris Ronnie, the subject of a Serious Fraud Office investigation.
Shares worth 2940p in 2007 were trading at 0.36p on Friday.
In April, a £30m strategic investment by shareholders and Dick's Sporting Goods of America – another potential buyer – was announced to try to turn the company's fortunes around. But by July, months of poor weather and dashed hopes pinned on Euro 2012 replica kit led sales to tumble further amid growing debts.
Money spent on transforming 60 key stores failed to make an impact, Dick's wrote off its investment and JJB put itself up for sale at the end of August after failing to secure further funds.
(H)
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.
He is believed to have plans to axe all but the most profitable stores with the rest of the company being put into administration.
Competition authorities are likely to scrutinise any deal, as Sports Direct is already Britain's largest high-street sporting goods chain.
Wigan-based JJB was once the biggest UK sports retailer, valued at £1bn at its peak, but plunged into chaos under chief executive and substantial shareholder Chris Ronnie, the subject of a Serious Fraud Office investigation.
Shares worth 2940p in 2007 were trading at 0.36p on Friday.
In April, a £30m strategic investment by shareholders and Dick's Sporting Goods of America – another potential buyer – was announced to try to turn the company's fortunes around. But by July, months of poor weather and dashed hopes pinned on Euro 2012 replica kit led sales to tumble further amid growing debts.
Money spent on transforming 60 key stores failed to make an impact, Dick's wrote off its investment and JJB put itself up for sale at the end of August after failing to secure further funds.
(H)
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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.
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