×
109
Fashion Jobs
LIMEAPPLE APPAREL
Ecommerce Expert With Digital Marketing Skills
Permanent · CHENNAI
NIKE
sr. HR Operations Specialist
Permanent · Bengaluru
L'OREAL GROUP
Senior Manager - Digital Marketing & D2C, Kerastase
Permanent · Mumbai
NIKE
Senior Dynamic Application Security Tester – Cis, Icc, India
Permanent · Bengaluru
PUMA
Senior Manager - Golf Sales (Cpg-Cobra Puma Golf)
Permanent · Bengaluru
PUMA
Manager - Accounts Payable
Permanent · Bengaluru
PUMA
Senior Manager – Teamsport Sales
Permanent · Bengaluru
NIKE
Lead Technical Product Manager – p&m, Icc, India
Permanent · Bengaluru
PUMA
Manager – Warehouse Operations (Ecommerce)
Permanent · Gurugram
NIKE
Lead Product Manager, India – ed&a Icc
Permanent · Bengaluru
PVH
Manager, Business Solutions
Permanent · Bengaluru
NIKE
Identity And Access Management (Iam) Security Operations Engineer, India – Cis Icc
Permanent · Bengaluru
NIKE
Expert Security Incident Coordinator, India – Cis Icc
Permanent · Bengaluru
NIKE
Data Engineer – ed&a, Icc, India
Permanent · Bengaluru
PUMA
Assistant Business Manager – Puma.Com
Permanent · Bengaluru
NIKE
Senior Software Engineer Iii – Retail Commerce Passplay, India - Consumer & Marketplace Icc
Permanent · Bengaluru
L'OREAL GROUP
Indirect Sourcing Manager
Permanent · Baddi
NIKE
Sap bi Lead Engineer – Sec Tech, Icc, India
Permanent · Bengaluru
NIYOSSHIC LUXURY CONSULTANCY
Social Media Intern
Internship · MUMBAI
SAAHRA
Graphic Design Summer Internships
Internship · NEW DELHI
HEMMING BEE
Fashion Production Intern
Internship · MUMBAI
HEMMING BEE
Fashion Production Intern
Internship · MUMBAI
By
Reuters
Published
Oct 2, 2012
Reading time
2 minutes
Share
Download
Download the article
Print
Click here to print
Text size
aA+ aA-

JJB Sports falls victim to UK downturn, 2,200 jobs go

By
Reuters
Published
Oct 2, 2012

LONDON - JJB Sports is closing the bulk of its stores with the loss of around 2,200 jobs, the latest British retailer to fall victim to a downturn in consumer spending after administrators found a buyer for only 20 of its shops.



2,200 jobs lost


Debt-laden JJB said on Monday administrators KPMG had sold 20 stores to British retailer Sports Direct, controlled by Newcastle United soccer club owner Mike Ashley, in a 23.77 million pound ($38 million) deal that would save 550 jobs.

However, despite high levels of initial interest in the Wigan-based firm, the remaining 133 stores would close on Monday, making 2,200 staff redundant, it added.

JJB has been battling falling sales and stiff competition from Sports Direct, its larger rival and an aggressive discounter.

The group becomes the latest high-profile retail failure in recession-hit Britain after outdoor goods company Blacks Leisure and discount fashion chain Peacocks went into administration - a form of protection from creditors - earlier this year.

The money raised will be used to repay its debt, JJB said, with shareholders not getting any return on their investment, as previously announced. JJB shares, which were valued at about 300 pence three years ago, were suspended at 0.4 pence.

KPMG said it would now review the options available for the rest of the business, such as selling the leasehold interests of some of the remaining stores.

The administrators said they had spoken with over 100 parties in the first few days of their appointment, with eight trade and private equity players tabling first round bids.

"Unfortunately the level of cash and further operational restructuring required to rescue a more substantial part of the business was too much risk for most interested parties," KPMG's David McCorquodale said in a statement.

JJB Sports was founded in 1971 by ex-Blackburn Rovers footballer Dave Whelan with a single store in Wigan, where the company is still headquartered.

In August the firm said it owed around 36 million pounds in total, around half in bank debt and the other half in convertible loan notes.

Sports Direct, which will also acquire nearly all the stock in the business and the Slazenger Golf brand licences, could pay up to a further 250,000 pounds after a post-sale stock take.

© Thomson Reuters 2021 All rights reserved.