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Troubled times for JJB according to Sunday Times

Football News 24/7
A report in the Sunday Times said Invesco – which owns 47.3 percent of JJB – is currently in talks to acquire its debt from Lloyds. The Atlanta-headquartered investment management group would then work with another major shareholder Dick’s Sporting Goods to restructure the struggling business, which could reportedly involve the shutdown of 80 out of its 180 shops.

The newspaper did not say where it got the information from.

The decision came shortly after JJB said it was trying to secure more funding for its turnaround plan after seeing its like for like sales slump 8.7 percent in the 24 weeks to July 15.

Three months ago, JJB received £20 million from Dick’s and subsequently raised another £10 million from its shareholders.

In early July, the group warned that trading had been below expectations since the start of April largely due to poor replica kit sales during the Euro 2012 football championship in addition to unusually wet weather in the UK.

“As a consequence, and in light of the continuing poor macroeconomic environment, the level of future headroom on working capital facilities and financial covenants will be significantly reduced in the short and medium term,” JJB told investors.

GH

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