JJB Sports gets a massive Dick injection
JJB Sports looked all dead and buried for the past 12 months, but along came a massive American Dick to penetrate their books and offer a lifeline.
And how big is the Dick in question?
Well, JJB have got themselves an investment of (up to) £40m from US retailer Dick's Sporting Goods, which is great for puerile idiots like us.
Dick's are going to pump an initial £20m into the sportswear retailer as well as thrusting an additional £20m in the form of convertable loan notes to address JJB's medium-term funding needs. Sexual. Of course, the shareholders of JJB have got to approve the appearance of all this Dick. Should they allow it into their precious area, JJB could be 60pc Dick.
In a statement on Thursday, chief executive Keith Jones said he believed the Dick investment would "provide a real opportunity to accelerate JJB's turnaround," despite the "ongoing credit squeeze on consumers and weaker UK employment numbers".
Will all this Dick arouse sales with your average pleb in Wigan? We'll have to see how much Wiganers like Dick we suppose.
TOPICS: High Street News