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JJB buys into fashion footwear for £1

22/05/2008

Sports retail chain JJB Sports has announced that it will acquire fashion footwear business, Qube Footwear from private equity partnership, West Coast Capital for £1 pound in cash.

The 22-store business will form part of JJB's footwear business complementing its recent acquisition of the Original Shoe Company (as reported on footwearbiz.com in December 2007) it said.

The latest audited financial statements for the year ended January 31, 2007 reported gross assets of £11.8 million and a loss before tax of £6.1 million. Since then, Qube has undergone a restructuring with a small number of loss-making stores now closed.



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