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Shares in JJB leapt 26% today, up 4 3/4p to 23p, after the sports shop chain said it had taken further steps to avoid bankruptcy.
JJB has been in crisis for months, parting company with its chief executive Chris Ronnie and narrowly avoiding foreclosure with its banks who are owed £60 million.
Having sold its gyms business to former boss Dave Whelan, Wigan Athletic's chairman, JJB said today it had come to an arrangement with its creditors over rent with its shop landlords.
Former Next chief Sir David Jones who was brought in as chairman to save the company is now expected to unveil a new strategy for JJB next month.
Reader views (2)
Watching this with interest: What's happened to Chris Ronnie? Will he surface again working with/for Mike Ashley? Or was he working for him all the time he was at JJB? Where did his investment stake or more precisely his collateral come from? He lost his shares but surely there was more than that propping up his loan. Was he just a victim of circumstance - the recession - or was the company so severely mismanaged? Interesting times in the UK sports trade.
- Filljay, Gold Coast, Australia, 30/04/2009 08:08
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Well done to the Chairman and all the creditors at of JJB Sports to working out a suitable deal for all parties concerned, the staff,customers and the suppliers of sports goods to JJB Sports. Also a a special thanks to David Whelan for his purchase of the gyms for £80 million pounds earlier in the month. From a satisfied shareholder.
- Rudjonesolph, Hertfordshire, 27/04/2009 18:28
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