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JJB Sports in talks with potential strategic partner

Sportswear retailer JJB Sports has confirmed that it is in funding talks with its bank and an unnamed "potential strategic partner".

CITY & CORPORATE

JJB Sports in talks with potential strategic partner

Sportswear retailer JJB Sports has confirmed that it is in funding talks with its bank and an unnamed "potential strategic partner".

In a statement JJB said: "Constructive discussions continue with the company's lending bank and one of the potential strategic partners and have been widened to include other key stakeholders.

"There is no certainty that these discussions will result in the company reaching agreement for the provision of additional financing."

The company issued the statement in response to a rise in its share price amid rumours that bid talks were proceeding.

JJB was prevented from collapsing into administration last year after it negotiated a restructuring agreement with its landlords. It also closed a number a of unprofitable stores with the total now standing at 195.

The company has faced intense competition from rivals including Sports Direct and has also been dealing with problems with stock supply. JJB has has been working to turn the business around but has warned that the recovery could take up to five years.

JJB declined to give any further information or confirm the identity of the strategic partners.

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