Deathwatch: JJB finally heading towards administration
After weathering various financial storms and finally putting itself up for sale last month, it looks as though a pre-pack administration is on the cards, with Sports Direct looking most likely to snap up the tastiest shops in the 180-store chain.
Mike Ashley’s company are reportedly only interested in less than 50 stores, which would sadly lead to huge job losses – JJB has around 4,000 staff. The deal could also lead to the intervention of the Office of Fair Trading, who will be keen to see if Sports Direct will be taking too large a slice of the sporting goods pie.
Although Sports Direct are in pole position to seal the deal, the Independent are reporting that JD Sports and US chain Dick’s Sporting Goods are also showing an interest in some kind of deal. It should all play itself out over the next few days, but it looks as though the JJB Sports name could soon vanish from the high streets and retail parks of the UK…