Thu, 16 Aug 2012 | ADMINISTRATION
Rumours are circulating that JJB Sports could be facing administration after its shares plunged nearly a quarter to an all-time low.
The drop came after a key US investor said it had written off a £20 million cash injection after just four months, which prompted speculation about the health of the retailer.
JJB has been left with a market value of £12.7 million after shares fell to just 3.3p yesterday (15 August).
Matt Piner, a consultant at retail analyst Conlumino, commented on the health of the company: “I don't think we will see anyone else putting in serious investment at this stage.
“There are rumours that JJB will look to go private, which I believe is by far its best hope for survival. We could well see it go into administration and then bought out by a private investor. JJB has struggled in the glare of the City and going private would give it the breathing space to take a longer-term view.”
The retailer recently saw a reshuffle of its senior staff, with Beverley Williams, former boss of lingerie chain La Senza, appointed as interim chief executive in place of Keith Jones. Turnaround specialist Bob Corliss, who previously ran franchise-based footwear business The Athlete's Foot, has also come on board as deputy chairman and will succeed Mike McTighe as chairman later this year.
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