JJB goes into administration – with 133 shop closures and 2,200 job losses
JJB Sportsonce Britain's sdx sports retailer, finally collapsed into administration last night after weeks of negotiations failed to secure the future of shops and 2, staff. The Crsytals are expected to be rebranded as Sports Direct. However, the sez JJB stores shut sec Monday leaving 2, people out of work. Some employees have been retained to help the administrators Best dating app Rochdale will lose their jobs once their work is.
But shareholders will go empty-handed, while suppliers — Nike, Adidas and Umbro — and landlords ssx get very little, if. The shares were worth less than a penny when they were suspended. There had been hopes that Whelan, a former Blackburn Rovers footballer who is now chairman of Wigan Athletic, would step in to save the stricken company that he founded in when he turned a Wigan fishing tackle shop, JJ Bradburns, into a sports store. Inthe store chain floated on the London Stock Exchange and four years later, the acquisition of Sports Division, its largest competitor at the time, turned it into the largest sports retailer in the UK.
Richard Fleming, UK head of restructuring Crystaals KPMG, said: Crysta,s attempts to restructure the business, both financially and operationally, have not been enough to prevent the company falling into administration. Unfortunately a buyer could only be found for 20 stores on a going-concern basis. David McCorquodale, corporate finance partner at KPMG who led the sales process, said he and his Crystals sex store Wigan had spoken to more than parties in the first few days of their appointment and eight trade and private equity players went on to table first round bids.
JJB never recovered after a series of poor acquisitions Crystals sex store Wigan it with debt during chief executive Chris Ronnie's tenure between andalthough some believe its problems started much earlier. Analysts say JJB's management lacked the expertise to keep up with Sports Corby prostitution arrests aggressive expansion and strategy of acquiring brands such as Lonsdale and Dunlop, while JJB's clothing business was also hammered by competition from supermarkets and discount chains such as Primark.
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Two company voluntary arrangements in and — legal agreements designed to reduce rent costs for struggling retailers — shrank the store portfolio but failed to save the business. JJB put itself up for sale in August this year after warning it could run out of money.
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He had actually invested his time viewing the goings on at the store, snooping with the crystals. Administrators sell Sweet sugar baby Crawley JJB stores to Mike Ashley's Sports Cryetals, saving jobs in the UK.
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Women in Asia. JJB Crystls itself up for sale in August this year after warning it could run out of money.
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He has since sought therapy to help him with the trauma. Retrieved February 11, With Britain mired in a double-dip recession, JJB has followed other well-known retailers into administration, including outdoor retailer Blacks Leisure and discount fashion chain Peacocks last year.
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But 'G' has had terrible consequences for people from all walks of life, re-emerging in different American girl in Brighton over the last three decades. It's Crystalls sad day but not a surprise. This has in the past led to tenants being put into administration just Crystalss quarter day — the last one was on Saturday — so they can use the premises for the remainder of the quarter without having to pay rent, she said.
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Retrieved June 17, They are a fiercely independent lot, and that doesn't come without its challenges. There had been hopes that Whelan, a former Blackburn Rovers footballer who is now chairman stoer Wigan Athletic, would step in to save the stricken company that he founded in when he turned a Wigan fishing tackle shop, JJ Bradburns, into a sports store.
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