JJB’s creditors hit for £150m
SUPPLIERS including sports brands Nike, Umbro and Adidas as well as a major bank, retail landlords, and a media-buying agency were among the businesses hit by the collapse of JJB Sports.
Newly-filed documents by administrators KPMG reveal the collapsed Wigan company owed £150m to its stakeholders and lenders. More than 3,000 jobs were lost and 160 shops were closed as a result of the insolvency.
Suppliers were owed £30m, while its main lender Lloyds was hit for £26m, US retailer Dick’s Sporting Goods, £19m and Adidas £1m in addition to the goods it supplied.
Administrators raised just £24m for creditors through the sale of 20 stores and the Wigan head office and e-commerce business to major rival Sports Direct.
The Statement of Affairs lists the total debts ofJB Sports plc as £266.8m, but £117m of this was inter-company payments.
The retail brands bore the brunt of JJB’s failure, the report says, with German-owned Adidas was owed £10m, Nike £8m, and its subsidiary Umbro £8m.
JJB also owed £1.37m of VAT to HMRC, and £1.6m of PAYE to the Inland Revenue.
Other creditors included Capital Shopping Centres, which owns the Arndale and Trafford Centre, media buying agency Carat.
