Arab Today, arab today jjb sports announces package with us firm
Last Updated : GMT 08:36:26
Arab Today, arab today
Arab Today, arab today

JJB Sports announces package with US firm

Arab Today, arab today

Arab Today, arab today JJB Sports announces package with US firm

London - Arabstoday

The initial £20m investment from Dick\'s will purchase ordinary shares and convertible loan notes. On conversion of the notes, Dick\'s will become a controlling shareholder. Existing shareholders will invest £10m. It came as Wigan-based JJB said pre-tax losses for the year to 29 January 2012 narrowed to £101.1m from £181.4m. Revenues fell 21.7% to £284.2m. The UK retailer is in the process of a restructuring programme that includes closing 43 of its stores. JJB said the year had been \"extremely challenging\" and said that sales had continued to fall since the end of its financial year. Like-for-like sales for the nine weeks to 1 April 2012 were down 5.7%, while the company\'s net debt had risen to £20.6m from £11.3m at the end of January. JJB said that the investment from Dick\'s gave it the opportunity to draw on the US firm\'s experience in the sports retail market. It said at least one representative from Dick\'s was expected to join the board. The other £10m investment comes from four existing shareholders, including the Bill and Melinda Gates Foundation. Dick\'s also has the right to buy a further £20m of convertible loan notes next year. As part of the refinancing package, JJB said that supplier Adidas would provide security for a two-stage loan of up to £15m to fund store refits and that Bank of Scotland would extend existing loan facilities until May 2015. JJB said it hopes to accelerate its store refit programme in time for this summer\'s European football championships and the London Olympics. \"We believe this investment package and strategic alliance with Dick\'s will provide a real opportunity to accelerate JJB\'s turnaround,\" said JJB chief executive Keith Jones. \"We have always said that the turnaround of JJB was never going to be easy or quick, and the current retail environment has made our work even more difficult.\" On Wednesday, former JJB boss Christopher Ronnie was charged with seven offences relating to a £1m fraud by the Serious Fraud Office (SFO). JJB said the SFO had confirmed in 2010 that an investigation into JJB had been completed, but that its investigation into individuals continued. It said it had co-operated fully with the SFO in relation to its investigation.

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today jjb sports announces package with us firm Arab Today, arab today jjb sports announces package with us firm

 



Arab Today, arab today
Arab Today, arab today Hats, scarves add beauty to women

GMT 19:10 2017 Friday ,17 February

Hats, scarves add beauty to women
Arab Today, arab today Tourist guide reveals methods of tourist attractions

GMT 17:46 2017 Saturday ,18 February

Tourist guide reveals methods of tourist attractions
Arab Today, arab today To release new antiques collection

GMT 20:33 2017 Friday ,17 February

To release new antiques collection
Arab Today, arab today Optimism on the front line

GMT 07:24 2017 Monday ,20 February

Optimism on the front line
Arab Today, arab today Murder of 2 reporters in Dominican Republic

GMT 22:45 2017 Thursday ,16 February

Murder of 2 reporters in Dominican Republic
View News in Arabic - Business: أخبار الشركات
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today Kidogo provides childcare for underserved

GMT 20:24 2017 Wednesday ,15 February

Kidogo provides childcare for underserved
Arab Today, arab today Tragic fluctuations of Bakhtiari's life revealed

GMT 06:50 2017 Wednesday ,15 February

Tragic fluctuations of Bakhtiari's life revealed
Arab Today, arab today London to tax old cars

GMT 14:06 2017 Friday ,17 February

London to tax old cars
Arab Today, arab today Pluto's unruly moons

GMT 06:31 2015 Thursday ,04 June

Pluto's unruly moons
Arab Today, arab today Competes Sweden and Germans by S90

GMT 22:36 2017 Thursday ,16 February

Competes Sweden and Germans by S90
Arab Today, arab today Porsche reveals new 2018 Panamera

GMT 17:31 2017 Wednesday ,15 February

Porsche reveals new 2018 Panamera
Arab Today, arab today Egypt to hold first session of Arab film festival

GMT 21:11 2017 Saturday ,18 February

Egypt to hold first session of Arab film festival
Arab Today, arab today Teach monkeys to recognize themselves in mirror

GMT 20:41 2017 Wednesday ,15 February

Teach monkeys to recognize themselves in mirror

GMT 07:30 2017 Saturday ,18 February

Actress Nadeen Al Rassi views art as her entity

GMT 06:40 2017 Friday ,10 February

MP calls for removing text from Islamic story

GMT 13:16 2017 Tuesday ,14 February

First fashion model with Down syndrome

GMT 10:26 2017 Tuesday ,14 February

Emergency UN meeting in Harare

GMT 14:04 2017 Tuesday ,14 February

"Lagom" new Swedish concept in interior design

GMT 12:07 2017 Thursday ,16 February

Bite-mimicking malaria vaccine

GMT 09:03 2017 Thursday ,16 February

Tour guide praises women’s beaches

GMT 13:12 2015 Saturday ,09 May

Sheikh Sultan opens Sharjah Centre

GMT 21:42 2017 Sunday ,12 February

Rania al-Ghazali designs candles of bubbles
Arab Today, arab today
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday