Sports Direct ‘close to JJB deal’
THE country’s biggest sporting goods retailer Sports Direct is said to be close to a deal to buy 60 stores from JJB Sports in a deal that will safeguard up to 1,500 jobs,
Sources said Sports Direct, controlled by Newcastle United soccer club owner Mike Ashley, will pay about £30m for the 60 stores.
The Derbyshire-based business will take 20 stores immediately, with the balance of 40 stores held separately as their purchase is subject to approval from the Office of Fair Trading.
Wigan-based JJB said on Monday it was close to appointing administrators to sell its assets and brands after failing to receive an offer for the entire company.
The Manchester office of KPMG will be appointed as administrator of the business and is likely to close a number of stores if no alternative buyer can be found. The retailer has 180 shops nationwide and employs around 4,000 people.
