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

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


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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.