Deathwatch: JJB footwear spin off in administration
The JJB Sports chain has been teetering on the edge of the precipice in recent months and it’s now looking as though the endgame has begun. The group’s lifestyle division, which is made up of The Original Shoe Company and Qube (no, we had no idea either) is to go into administration with immediate effect.
JJB’s shares have plummeted by 90% since September 2008 and things could get much worse sooner rather than later. They have until Saturday to refinance their outstanding debts – if that doesn’t happen, the whole group could wind up in administration by next week.
Following the recent collapse of fellow shoe peddlers Priceless, Barratts, Stead & Simpson and Dolcis, it seems that during a recession, it’s better to be a shoe-mender than a shoe salesman. As Confucius almost certainly said.