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Monday, 24 September 2012

JJB Sports likely to go into administration as no buyer is found

Perhaps unsurprisingly JJB Sports are expected to call in the administrators following a suspension of its shares as no buyer has been found.  KPMG have been trying to sell the struggling business for a number of months.  Poorer sales than expected following the "Summer of sport" was the final nail in the coffin for the business.  Sports Direct and a number of other suitors have shown interest.

It is likely, but not definite, that the firm has filed a notice of intention to appoint administrators to allow time for a prepack sale of the business to be achieved without creditors attacking the company.  This notice of intention allows a 10 day moratorium to protect the company.  However, it is likely that the assets of the company will be sold in the next few days.  Sports Direct are in the frame but they may be subject to OFT scrutiny if they take on too many stores.  The company has 180 stores and 4000 staff

Either way many stores are likely to be closed or sold and jobs will be at risk.  If you are an employee of the business then please read our pages on help for employees.

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