Mon, 24 Sep 2012 | BUSINESS SALE
The fate of JJB has become clear over the past few weeks as the troubled retailer has edged closer and closer towards administration.
Now the sports clothing and equipment seller has announced its intentions to appoint KPMG as an administrator, with a pre-pack business sale expected within the next few days.
The retailer originally put itself up for sale last month, but any sale made now will be effected through an administration process.
A statement from JJB read: “It is expected that the process to commence the appointment of administrators of the company will begin today although the actual appointments are only likely to take effect just before the completion of any such sale.”
Among the parties to have taken an interest over the past few weeks have been Sports Direct, Irish conglomerate Stafford Group and the restructuring firm GA Europe.
However, reports suggest that only half of JJB's 180 stores are likely to be sold off through the pre-pack deal, with the future of the remaining less profitable outlets still uncertain.
The company's shares have been suspended with immediate effect on the LSE AIM market.
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