Deathwatch: JJB Sports close 45 stores - another 50 in danger
We’re unsheathing the ‘tits up klaxon’, pointing it in the direction of JJB Sports and letting rip with a harsh parp of it this afternoon. That’s because the troubled sporting goods retailer has announced the closure of 45 of its stores with the future of a further 50 in jeopardy as the whole money thing continues to go proper haywire for them.
Things could get even worse as JJB seeks to renegotiate rent deals with landlords under a CVA (company voluntary arrangement) – if agreements can’t be reached, administration and the possible collapse of the business could be a very real prospect.
The company currently employs 6,300 staff in more than 250 stores and recently received a takeover bid by rival JD Sports. Whether or not JD Sports is more successful than JJB Sports because it has one less letter and is therefore easier to say has never been proved.