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THE full scale of the crisis at JJB was made plain today when the sportswear retailer revealed that sales have fallen by more than 23%.
JJB has diced with bankruptcy for several months and still faces deep uncertainty about its future.
Today it said revenue in the year to the end of January was down by £93 million to £718million, as it plunged into a loss of £189 million.
It blamed "low stock levels, the negative publicity which has surrounded the company and the current retail environment" for the figures.
"Many suppliers have been reluctant to supply stock because of the lack of trade credit insurance and the widely held belief that the company was likely to go into administration," it conceded.
JJB recently fired chief executive Chris Ronnie and is now under the charge of executive chairman Sir David Jones.
The former Next man is trying to lead a refinancing having persuaded JJB's bankers to a "standstill" on its debts.
It admits it faces "a number of material uncertainties and limitations", which means today's numbers have not been fully audited.
JJB sold its gym business to its founder Dave Whelan for £83 million recently.
Jones said: "We have made significant inroads to restoring the group's financial stability against all the odds."
