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Retail Spotlight – JJB collapses into administration

 

Posted At: 01 October 2012 17:32 PM
Related Categories: Administrations, Retail

 

Following the collapse of JJB Sports; we bring to you an overview of the retailer’s trading over the years and highlights of the collapse

1st Oct 2012 – Administrators KPMG have been called in after JJB collapsed into administration, leading to the closure of 133 shops and 2,200 job losses. They sold 20 JJB stores, the brand and the website to Mike Ashley's Sports Direct for £24m, saving 550 jobs in the UK, including staff at the company's warehouse. For more information click here.

This doesn’t come as a shock to us as it had been anticipated by FSP’s retailer at risk – a multi-layered approach, earlier in July 2012.

27th Sep 2012 - Sports Direct announced to buy 60 stores from JJB Sports in a transaction that will safeguard up to 1,500 jobs

24th Sep 2012 - JJB Sports shares suspended as the struggling sports clothes and equipment retailer prepares to call in the administrators

20th Sep 2012 - sale of JJB Sports was marred after HM Revenue & Customs launched a multi-million pound tax investigation

14th Sep 2012 - JJB Sports Plc was in talks with several parties who have offered to buy it but ordinary shareholders were unlikely to see any value from a deal

13th Sep 2012 - speculation that retailer would not be able to meet quarterly payments due on September 24 were quashed so quarter-day obligations will not be fundamental to JJB’s future

30th Aug 2012 - retailer put itself up for sale after it failed to raise new funds to help revamp its stores

27th Jul 2012 – JJB’s chief, Keith Jones departure was announced

For more historic news, financial standing over the years, please visit our Retailer Directory here

The administration of JJB would be the latest casualty to hit Britain’s battered high street.

Other major administration this year include: Clinton Cards (went into administration in May and was rescued by Lakeshore Lending, a subsidiary of Clinton Card’s largest creditor American Greetings in June), Peacocks collapsed in January, Blacks Leisure, was acquired by JD Sports, also in January, by way of a pre-pack administration. In 2012 around 35 administrations were recorded on SnapShop. To stay up-to-date with retail administrations, new retailer entering UK and news please subscribe to SnapShop online at any time or register to receive information packed newsletter for 3 months.
 

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The opinions expressed herein are the personal opinion of the author and are not intended as statements of fact and do not represent the view of SnapShop or Pragma in any way.

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