Gymshark chief executive and founder Ben Francis has quashed rumours of an upcoming stock market flotation, despite doubling sales year on year. Site powered by Webvision Cloud.
Skip to main content Skip to navigation. JJB Sports: Full list of store closures revealed. No comments. JJB Sports to appoint administrator but sale expected in "next few days". However, despite high levels of initial interest in the Wigan-based firm, the remaining stores would close on Monday, making 2, staff redundant, it added. JJB has been battling falling sales and stiff competition from Sports Direct, its larger rival and an aggressive discounter.
The group becomes the latest high-profile retail failure in recession-hit Britain after outdoor goods company Blacks Leisure and discount fashion chain Peacocks went into administration - a form of protection from creditors - earlier this year.
The money raised will be used to repay its debt, JJB said, with shareholders not getting any return on their investment, as previously announced.
A JJB spokeswoman confirmed Lane-Smith had told analysts that a dividend cut was his personal preference, and declined to identify the institutional investors who had opposed the idea. As well as being hit by the drop in consumer confidence, JJB has suffered from the England football team's poor performances.
The failure to qualify for the Euro tournament will harm shirt sales this year, and Ronnie confirmed that the new England away shirt had failed to win over shoppers. Since becoming chief executive last August, Ronnie has pushed a strategy of "re-energising" JJB by clearing old stock and replacing it with higher-margin own brands.
He also wants to open more combined fitness clubs and superstores. The company hopes a store refit programme will help sales in But evidence is stacking up that high street retailers face a very challenging year.
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