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16/04/2008
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 £33.8 million in the year to January 27.
The move comes the day after discount fashion chain Ethel Austin fell into administration, putting around 2,800 jobs in jeopardy.
Of the 1,200 currently employed by JJB Sports, around 400 will be re-assigned within the company, which is expected to focus on its health club range. Seven of the stores will be renamed 'Original Shoe Company' stores.
The plans for closure will also cost the company £25 million - which has had a major impact on pre-tax profits - and is expected to include store closures and refits.
The company's shares fell by almost six per cent this morning, down 6.5p at 107.25p.
Chief Executive Chris Ronnie said: "The decision to close the 72 stores is based on the fact that they are non-profitable and are a huge strain on the business.
"We decided that we would clean up our store portfolio going forward, not only on out-of-town stores, but also high street stores."
(JM/KMcA)
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 £33.8 million in the year to January 27.
The move comes the day after discount fashion chain Ethel Austin fell into administration, putting around 2,800 jobs in jeopardy.
Of the 1,200 currently employed by JJB Sports, around 400 will be re-assigned within the company, which is expected to focus on its health club range. Seven of the stores will be renamed 'Original Shoe Company' stores.
The plans for closure will also cost the company £25 million - which has had a major impact on pre-tax profits - and is expected to include store closures and refits.
The company's shares fell by almost six per cent this morning, down 6.5p at 107.25p.
Chief Executive Chris Ronnie said: "The decision to close the 72 stores is based on the fact that they are non-profitable and are a huge strain on the business.
"We decided that we would clean up our store portfolio going forward, not only on out-of-town stores, but also high street stores."
(JM/KMcA)
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