With the new directors in place, looks like JJB might recover?

driver lol :-)) that's why they are so cheap now

it wont be this sp for long!! lol

i will leave you to interpret that :-0

from the other side...............talking about the cva.....:

'If this comes off it will dwarf my RAY profits but I am down 6 figures at present & need the sp to more than double just to break-even. That said I was over 50k up less than a month ago & in these situations the position can change in a flash as you know.

In my view the issuing of the CVA proposal itself will signify that the BoD know that they will get the necessary 75% creditor vote. In view of the fact that their 100% owned subsidiary,Blane Leisure,represents around 50% of the unsecured creditors and the suppliers are unaffected they actually need less than half the landlords to support the proposal. 60% of the stores are only affected by a switch to monthly rentals so on the face of it it should be straightforward provided KPMG are doing their job properly. If I am right in my assumption then around now is a good time to buy in ( I say that often & in my defence I did buy more yesterday) but if I'm wrong & the CVA gets blown away it will be time to switch off the lights and that would be only 3 weeks away. Are you feeling lucky?'

..Exclusive: JJB Sports Boss Poised To Quit

By (c) Sky News 2012 | Sky News – 19 minutes ago


The chief executive of JJB Sports is poised to step down after a string of profit warnings and emergency fundraisings left shareholders in the company facing a bleak future.

I have learned that Keith Jones, who has run JJB (LSE: JJB.L - news) only since March 2010, is expected to leave within days. Directors of the company are understood to be discussing the departure of Mr Jones this evening and an announcement could be made as soon as Friday morning.

JJB has endured a torrid few years during which it has been rescued three times by investors and axed dozens of stores in a desperate survival bid.

JJB’s shares plunged a week ago after it disclosed that the Euro 2012 football tournament had failed to produce the anticipated uplift in sales.

It was the latest in a string of profit warnings and raised fears that the company would not last until the key Christmas trading period without a fresh cash injection.

"In light of the deterioration in trading, the Directors have sought to implement a combination of management initiatives, which were identified in the 2012 Results, and have been successful in mitigating the trading and cash shortfall to a certain extent. However these actions have not fully mitigated the shortfall,” the company said.

"As a consequence, and in light of the continuing poor macroeconomic environment, the level of future headroom on working capital facilities and financial covenants will be significantly reduced in the short and medium term.

"This is likely to accelerate the timing of the additional funding required, which is dependent upon the trading performance of the business and the successful implementation of the management initiatives. Given the potential requirement to accelerate funding to implement the turnaround, the Group is in discussions with its strategic partners."

Earlier this year, JJB struck a deal with Dick’s Sporting Goods, the giant US retailer, to take a stake in the British company that could rise as high as 60%.

Yet while high street trading has been tough, JJB's rival, Sports Direct (Frankfurt: A0MK5S - news) , has enjoyed contrasting fortunes, recently posting a 24.5% surge in pre-tax profits to £151.5m.

JJB also announced this month that Mike McTighe, its chairman of nearly two years, would step down to be replaced by Bob Corliss, a veteran of the US retailer The Athlete's Foot.

Mr Corliss said at the time of his appointment: "JJB has been through some difficult times yet it is clear that there is a real market opportunity for a national authentic sports retailer here in the UK.

"JJB can be that retailer and I'm energized by the prospect of leading the company through the next phase of its turnaround."

It's unclear if Mr Jones will be directly replaced or whether Mr Corliss will take on the running of the business.

Mr Jones joined JJB from Dixons, where he was group retail director, before which he worked at Virgin Retail and B&Q.

JJB declined to comment

JJB Sports chief executive steps down
StockMarketWire.com
JJB Sports chief executive Keith Jones is stepping down from the board with immediate effect but will stay with the business in an advisory capacity until the end of August.

The board is currently in advanced discussions to appoint an interim CEO and a further announcement will be made in due course.

Bob Corliss - who will formally take over as chairman at the beginning of September - said: "On behalf of all the board I would like to thank Keith for his tireless efforts to rescue JJB and return it to commercial health.

"During his time at JJB, Keith helped to secure vital additional funding for the business and significantly strengthened relations with our major supplier partners."

At 1:39pm: (LON:JJB) JJB Sports share price was +0.05p at 5.42p


Story provided by StockMarketWire.com

JJB Sports puts itself up for sale



The struggling sports clothing company, JJB Sports has put itself up for sale.

Last month it said that the deterioration in trading and the continuing poor macroeconomic environment was likely to accelerate the timing of additional funding required by the company and that the level of headroom on its working capital facilities and financial covenants would be significantly reduced in the short and medium term.

It also stated that it was in discussions with its strategic partners.

Since then in the six weeks ended 26 August, like for like sales have decreased by 3.3% and like for like cash margin has decreased by 9.5%.

The company has continued its discussions with its strategic partners regarding a further capital raising and restructuring of its store portfolio to facilitate the turnaround of the group's trading performance.

However, following these discussions, JJB Sports does not believe it will be able to raise the level of funds required to implement the turnaround. As a result, the Board has decided to conduct a formal sale process of the company and is inviting offers to support further investment, which may result in a sale of the company or its assets.

The formal sale process will be undertaken by its adviser, KPMG.

As at 28 August 2012 net bank debt was £16.5m. In addition, the company has £18.75m of Convertible Loan Notes outstanding and has also drawn down £1.1m under the trade loan facility.

Given the level of current debt, there can be no assurance that any proposal or offer that may be made would attribute value to the ordinary shares.

JJB is history now.

Another one bites the dust.

I expect that buying this one is akin to playing Russian roulette!

Billionaire Sports Direct chief Mike Ashley 'to buy ailing JJB Sports'

Embattled retailer JJB is set to be swallowed by rival Sports Direct International in a deal that could see half its stores shut and around 2,000 jobs be cut.
Billionaire Newcastle United owner Mike Ashley – who founded Sports Direct – is understood to be poised to snap up the most profitable JJB stores under a controversial ‘pre-pack’ administration.

The deal, which could be announced today, could see more than half of JJB’s 180 outlets close for good.

Sold JJB Sports stores inundated with shoppers

Shoppers have been descending on stores of the collapsed JJB Sports chain that have been sold to rival Sports Direct.

Sports Direct bought all the remaining stock from JJB and is now shipping it to the 20 shops it has bought.

Those shops are likely to continue trading until the stock has been sold before they close to be rebranded as Sports Direct.

The 133 stores that were not included in the sale have all been closed with the loss of about 2,200 jobs.