Grimsby's JJB Sports store closed by administrators
GRIMSBY’S JJB Sports store is understood to be among the 133 closed nationwide by administrators yesterday.
Some 2,200 staff nationwide were made redundant after administrator KPMG shut down a total of 133 stores and sold the remaining 20 to rival Sports Direct International.
The Sports World parent bought the stores, the brand and its website for £23.8 million in a deal that will protect 550 jobs in the UK, including its warehouse.
But the agreement is a worse-than-expected outcome for JJB staff as Sports Direct was reportedly hoping to safeguard up to 1,500 jobs and buy up to 60 stores.
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The store, in Grimsby’s Victoria Retail Park, operates next door to Sports Direct. It is not known how many members of staff it employed.
David McCorquodale, corporate finance partner at KPMG, who led the sales process, said the level of cash and further operational restructuring required to rescue a more substantial part of the business was too much risk for most interested parties.
JJB’s collapse will serve as another blow to the high street after recent high-profile casualties, including video games retailer Game Group, fashion chain Peacocks, outdoor specialist Blacks Leisure and Clinton Cards.
The JJB name will vanish from the high street as Sports Direct intends to convert all stores as part of the deal, in which it also acquired all of the company’s stock and the Slazenger golf brand.
The stores bought by Sports Direct International are: Airdrie; Antrim; Brighton; Chorley; Cumbernauld; Dorchester; Dover; Elgin; Glasgow Silverburn; Leamington Spa; Leeds; Lisburn; Liverpool; Llandudno; Londonderry; Oldbury; Rhyl; Rochdale; West Bromwich and Winchester.
Comments
by Forbes_Burton
Tuesday, October 02 2012, 11:40AM
“I had only just finished posting about this to my company's Google posts and facebook timeline, Due to what we do it's essential we keep abreast of company closures and business activities across the UK. I was shocked simply by the number of stores that are being closed, and offer condolences for those affected.”