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JJB calls in administrators

25/09/2012
Debt-laden sportswear retailer JJB Sports has appointed administrators to sell its assets and brands after failing to receive an offer for the entire company, threatening thousands of jobs.

A familiar sight on Britain's high streets with about 180 stores and 4,000 employees, JJB had been battling falling sales and stiff competition from rival Sports Direct.

After announcing it was seeking buyers at the end of August, it has now suspended its share sales and appointed KPMG as an administrator.

Sports Direct is the frontrunner to buy some of its stores in a ‘pre-pack’ - a pre-packaged insolvency plan where a restructure is agreed in advance.

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