JJB Sports Share Discussion Threads

[tim 3] 01/10/2012 17:36

Indeed it may be worth naff all but its a lot of empty storres and a lot of staff on the dole.

[spob] 01/10/2012 17:33

another 380 empty sheds on the high street

what could they be used for ?


charity shops ?

subway junk food outlets ?

pawn shops ?

job centres ?

soup kitchens ?

[spob] 01/10/2012 17:10

Over 130 JJB Sports stores will close down today resulting in 2,200 redundancies, the company's administrators have said.

KPMG confirmed that Sports Direct bought just 20 of the troubled retailer's stores, its brand and website for £23.77m.

Up to a further £250,000 will be paid after the completion of stock-taking, it added.

The deal saves around 550 jobs in the UK, including at the company's warehouse.

KPMG's Richard Fleming said attempts to restructure the business had failed.

"Unfortunately a buyer could only be found for 20 stores on a going concern basis," he said.

"All staff made redundant as a result of store closures has had their arrears of wages and holiday entitlements paid in full.

"Our team of employment specialists will be supporting staff on completing redundancy forms and putting them in touch with job seeker services.

"We will now be reviewing what options are available for the remainder of the business."

JJB Sports put itself up for sale last month, but shareholders were warned they were likely to be left empty-handed.

Shares in the company, which has been making a loss 2009, were suspended last week.

Wigan Athletic owner Dave Whelan bought the first JJB store in Wigan in 1971 and rapidly expanded the company to become the UK's biggest sports retailer with more than 400 stores.

It was floated on the London Stock Exchange in 1994.

: JJB Sports employees can call a 24-hour helpline on 0845 3022538.

[spob] 01/10/2012 17:09

2200 redundancies !

[tim 3] 01/10/2012 16:51

Sad news for the staff.

[eisler] 01/10/2012 16:14

Very sad - guess that's the end of that then

[fumanchuchu] 01/10/2012 16:00

1(st) October 2012

Sports Direct International plc

Acquisition

Sports Direct International plc ("the Group"), the UK's leading sports retailer, today announces the acquisition of certain of the trade, assets and product brands from the administrators of JJB Sports plc ("JJB") for a cash consideration of GBP23.77 million, with up to a further GBP0.25 million of additional cash consideration payable after completion of a post-sale stock take.

The Group will acquire 20 stores, substantially all of the stock in the business and the Slazenger Golf brand licences, as well as JJB's freehold property in Wigan.

Sports Direct will report its pre-close trading update on Wednesday 24 October and its Interim Results on Thursday 13 December 2012.

[fumanchuchu] 01/10/2012 15:55

1 October 2012

JJB Sports plc

("JJB" or the "Company" or, together with its subsidiaries, the "Group")

Appointment of administrators, sale of the business and cancellation of listing

Following receipt of final offers for the business and assets of the Group and the suspension of the Company's ordinary shares on 24 September 2012, the Company confirms the appointment today of Brian Green, David Costley-Wood and Richard Fleming, partners of KPMG LLP, as administrators of the Company, of Brian Green and David Costley-Wood as administrators of SSL Retail Limited and of Brian Green, David Costley-Wood and Blair Nimmo as administrators of Blane Leisure Limited.

The Company also announces completion today of the sale by the administrators of certain of the trade, assets and product brands of the Group to wholly owned subsidiaries of Sports Direct International plc ("Sports Direct") for cash consideration of GBP23.77 million, with up to a further GBP0.25 million of additional cash consideration payable after completion of a post-sale stock take.

Sports Direct will acquire 20 stores, substantially all of the stock in the business and the Slazenger Golf brand licences, as well as the Company's freehold property in Wigan. The remaining stores will not form part of the sale and the administrators do not intend to trade from these stores in the administration.

The net proceeds of the sale will be used to repay the Company's outstanding debt to its lender and other secured creditors. As previously announced, there will therefore be no value attributable to the Company's ordinary shares.

As a result of the appointment of administrators to the Company, Numis Securities has today resigned as Nominated Adviser to the Company with immediate effect. Pursuant to AIM Rule 1, if a replacement Nominated Adviser is not appointed within one month, the admission of the Company's securities will be cancelled. The Company has no intention of appointing a replacement Nominated Adviser.

[sir rational] 01/10/2012 14:03

20? That's low, poor old staff hope they got paid.

Looks like I might get a cheap pair of trainers.

[wapper] 01/10/2012 13:58

Staff at JJB been told today they are officially in Administration & most are redundant. Sports Direct will take Head Office & Warehouse plus 20 stores & stock & I.P. incl Website. No idea of price paid in this pre-pack.

[sir rational] 29/9/2012 08:00

Looks like Lloyds will get back most of its money back

[bubble pricker] 28/9/2012 15:28

unbelievably, on iii, posters are still hoping for some kind of miracle with other "bidders in the wings". I guess it's true that it's hope that is last to die."

[pembury] 28/9/2012 11:01

So SD want 60 stores for 30m, i would assume that out of the 180 stores more than that are profitable especially when 60 have just been revamped and sales improving. Surprised no one has come in for 80-100 stores especially with SD looking to more a less control the market that they have shown can be profitable in such poor economic times.

[lukeisbackontrack] 28/9/2012 10:51

Is this thread still alive

[bingowing] 27/9/2012 10:38

'UK manufacturing will survive and prosper.'

Of course it will.


LOL.

[roomove] 26/9/2012 11:11

quidzinn,

I believe when digital media first arrived it was not seen as a threat to the cd as you would 'never be able to save your entire music collection on the restrictive size of a digital device' and download speeds were to slow.....

[quidzinn] 26/9/2012 09:19

Bingowing,

3D printers are only useful for prototyping components - NOT for volume manufacturing.

UK manufacturing will survive and prosper.

Q

[bungeetrader] 25/9/2012 19:19

mr hangman,
ah, next at 7.5p, I remember that well. How many times I regretted not having the bottle to buy 100k at the time.

[bingowing] 25/9/2012 13:31

gcom2 25 Sep'12 - 13:25 - 4401 of 4401

does this mean england will become slightly less chavvy?


NOpe, more chavvey as by the sounds of it Sports Direct will now rule the high st.

So, its going to be a lot worse.

but cheaper.

[gcom2] 25/9/2012 13:25

does this mean england will become slightly less chavvy?