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JJB Sports puts itself up for sale

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Struggling sports retailer, JJB Sports, has put itself up for sale following a slide in sales amid stiff competition, but the chain warned investors that their shares may be worthless.

 

Struggling sports retailer, JJB Sports, has put itself up for sale following a slide in sales amid stiff competition, but the chain warned investors that any rescue deal may render their shares worthless. JJB announced on Thursday that its directors did not believe the chain would be able to raise enough money to stage a turnaround and had therefore decided to put the retailer up for sale. But, it warned investors that their shares may end up worthless due to the amount owed by the company, which stands at around £36.4m in total. "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," said JJB.

 

More: http://www.telegraph.co.uk/finance/newsbysector/retailandconsumer/9507989/JJB-Sports-puts-itself-up-for-sale.html


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