SPORTS chain, JJB Sports, is to close 72 stores across the country, shedding 800 staff, after profits plummeted by 72 per cent.
But the company said that the two stores in Bolton - in Manchester Road and at Middlebrook - would not be affected.
The company has two other stores locally, one in Walkden and the other in Bury. The company said it intends to close smaller stores and keep its larger superstores. The Bury outlet is in the superstore category.
The firm, formerly owned by Wigan Athletic chairman Dave Whelan, saw operating profits fall by £26 million to £11.3 million for the year ended January 27. Basic earnings per share were down 63 per cent to 4.07p.
Adjusted profits fell 28 per cent to £33.8 million, but £25 million was put aside to fund the store closures which meant bottom-line profits fell 72 per cent to £10.8 million.
The company will focus on expanding its combined fitness clubs and superstores, which, it says, continue to deliver strong results.
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Roger Lane-Smith, chairman of JJB, said: "We are taking significant action to improve the performance of JJB's retail stores. Whilst we have identified a number of stores for closure, which will itself strengthen our remaining store portfolio, we are also investing to improve the quality of our stores and product with further store refits, the introduction of new products from our own brands and the implementation of staff training and incentivisation programmes."
Seven of the sites are due to re-badged as Original Shoe Company, a retailer acquired by JJB earlier this year.
The changes are being overseen by Chris Ronnie, who became chief executive in the summer after Mr Whelan left the business and sold his family's holding to a joint venture formed by Icelandic financial group Exista.
JJB shares have fallen from a high of 302p in May last year, now standing at 111p. They were down 2.5p today on the closure news.
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