Jobs gone at JJB in Horwich in mass store closure

Around 2,200 staff at JJB Sports were made redundant today after administrators closed 133 stores - including the one at Middlebrook - and agreed to sell 20 remaining outlets to Mike Ashley's Sports Direct International.

The Sports World parent bought the stores, the brand and its website for £23.8 million in a deal that will protect 550 jobs in the UK, including its warehouse.

But the agreement is a worse-than-expected outcome for JJB staff as Sports Direct was reportedly hoping to safeguard up to 1,500 jobs and buy up to 60 stores. The Middlebrook one will close.

David McCorquodale, corporate finance partner at KPMG, who led the sales process, said the level of cash and further operational restructuring required to rescue a more substantial part of the business was too much risk for most interested parties.

The saved stores are in Airdrie, Antrim, Brighton, Chorley, Cumbernauld, Dorchester, Dover, Elgin, Glasgow Silverburn, Leamington Spa, Leeds, Lisburn, Liverpool, Llandudno, Londonderry, Oldbury, Rhyl, Rochdale, West Bromwich and Winchester.

Comments (2)

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8:52am Tue 2 Oct 12

oftbewildered2 says...

this is a tragedy - I saw the founder of the store on TV saying that the reason for the fall was 'bad management' - ie purchasing for sale goods they thought the public ought to have, rather than selling things the public wanted. Too many stores follow this route, not just clothing stores either. Feel very much for those who find themselves without a job.
this is a tragedy - I saw the founder of the store on TV saying that the reason for the fall was 'bad management' - ie purchasing for sale goods they thought the public ought to have, rather than selling things the public wanted. Too many stores follow this route, not just clothing stores either. Feel very much for those who find themselves without a job. oftbewildered2

11:51am Tue 2 Oct 12

Nibelung says...

Chavtastic
Chavtastic Nibelung

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