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JJB Sports calls in administrators

JJB Sports is preparing to call in administrators as shares in the struggling sportswear retailer were suspended this morning.

GENERAL MERCHANDISE

JJB Sports calls in administrators

The company announced a formal sale process for the business at the end of August as it looked to raise the funds required to turn the business around.

However JJB said in a statement today that although it had received a number of offers, none of the potential buyers wanted to purchase the company as a whole but instead made offers for parts of its business, assets and brands.

The statement said: "The sale of the trade, assets and brands will be effected through an administration process.

"The group will therefore continue to trade through all retail outlets outside of an administration pending completion of a sale process."

JJB has been battling for survival since being sold by founder and Wigan Athletic chairman Dave Whelan in 2007 and has undergone two company voluntary arrangements and four emergency fundraisings. Mike Ashley's Sports Direct is believed to be one of the frontrunners to buy JJB's stores of which there are 180 across the UK. The company employs 4,000 people.

JJB said it was appointing Brian Green, David Costley-Wood and Richard Fleming of KPMG as administrators and that any sale would be announced within the next few weeks.

 

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