JJB Sports to unveil new business plan

EMBATTLED sportswear group JJB Sports said it is looking forward to focusing exclusively on its restructuring after rival JD Sports Fashion said it no longer considering buying the company.
By The Newsroom
Published 15th Mar 2011, 08:35 BST

The ailing group is today due to reveal its revised business plan after recently announcing plans to tap shareholders for an extra £65m.

JJB chairman Mike McTighe said: “We welcome today’s clarification from JD Sports. JJB’s restructuring continues as planned with the whole management team focused on and committed to delivering a stable standalone future for JJB and its employees.

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“The board remains confident that with the support of our stakeholders we can achieve a successful turnaround of the business.”

Last week JD Sports Fashion said it had abandoned interest in a takeover of JJB Sports after claiming its rival had refused to provide it with additional information it requested.

JJB said it believed JD’s takeover proposal was “highly conditional and lacking sufficient certainty to be deliverable”.

The latest round of fundraising comes just a month after JJB raised £31.5m from its five biggest shareholders, including the Bill & Melinda Gates Foundation Trust.