Sports Direct saves 550 jobs as JJB goes into administration
01/10/2012
Its high street rival, Sports Direct, has agreed to buy 20 of the stores saving 550 jobs – less than had been expected.
Sports Direct has also bought the rights to the Slazenger Golf brand licence, JJB’s headquarters, stock and name in a deal worth £24 million.
More than 100 parties were reported to have expressed an interest in JJB since it officially sought buyers at the end of August, but were put off by the level of restructuring and cash needed.
Auditor KPMG, which is looking after the administration, said 133 stores will close immediately with the loss of 2,200 jobs.
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