JJB Sports Puts Itself Up for Sale

August 30th, 2012 - 9:35 pm ICT by Aishwarya Bhatt  

London, Aug 30 (THAINDIAN NEWS) The JJB sports clothing and equipment chain has been struggling to stay afloat in the market for a while now but it seems like it can’t anymore.

JJB has put itself up for sale after failing to come up with the funds that are needed to refurbish its stores and it has now decided that it is time it acquired new owners. JJB also warned its shareholders that their investments might be rendered worthless in the end. In the month of July, JJB said that its sales were depreciating because of the bad weather and the less demand for replica football kits.

JJB, which has 180 stores and employs around 4,000 people in its stores said that it will not be able to come up with the money that is required to make the store make a turnaround.

The store has already started the formal process of selling itself. JJB sports is in a lot of debt and it might have to sell itself at a loss. No one has shown interest in the store yet but those who are leading on conducting the sale say that they are hopeful that interested parties will soon come up. The store which was founded in 1971 owes 36 million pounds in debt.

Related Stories

Tags: , , , , , , , , , ,

Posted in Business |

Subscribe