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Tuesday, 2 October 2012

JJB Sports shops to close as Sports Direct only buys 20 shops

The administrators at JJB Sports have had to close 133 shops as Sports Direct were only interested in 20 of them and paid £23m.  This deal saved 550 jobs out of 2700.  However it is possible that some of the other stores will be bought up in the coming days.

It was expected that Sports Direct would buy about 60 stores but concerns about the price to be paid for the stock and competition rules appear to have dented Mike Ashley's ambitions to take a larger chunk of the once dominant sports retailer.

Richard Fleming, KPMG’s UK head of restructuring, said all staff made redundant through the store closures have had their wage arrears and holiday entitlement paid in full and would be offered help in finding new jobs.

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