JJB puts itself up for sale
JJB is shagged and in ruins. So ailing is the sportswear vendors that they've gone and put themselves up for sale, resulting in widespread panic in Wigan because now, no-one knows where they'll be able to buy their clothes from, fearing a future spent naked apart from pastry crumbs.
There's more too. JJB Sports is warning investors that their shares may be worthless.
For some time, the retailer has had huge funding issues and terrible sales and looks to be going the way of Woolworths and MFI. Directors at JJB said they don't believe the company will be able to raise sufficient funds to revive it from the brink.
"Given the level of current debt within the company, there can be no assurance that any proposal or offer that may be made would attribute value to the ordinary shares of the company," the company said in a statement on Thursday.
Shares have crashed so hard that the company currently has a value of around £3 million. Bad news, seeing as it was worth £500 million in 2010. It seems that a huge injection from Dicks hasn't helped. You may remember that American retailer, Dick's Sporting Goods, spunked £20 million JJB's way in April.