JJB warns of slow recovery

SPORTSWEAR retailer JJB today warned its recovery could take up to five years as it produced more hefty losses in a year when it came close to collapse.

The group, which has more than 200 stores in the UK and Ireland, has started to overhaul the business after it secured landlords’ backing for a rescue deal.

JJB revealed plans to refit 150 stores this year but said its restructuring would not be “easy or quick” and could take three to five years.

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The warning came as JJB reported a 9 per cent increase in adjusted operating losses to £73.9 million in the 52 weeks to January 30. But its pre-tax losses more than doubled to £181.4 million after one-off exceptional items of £108 million.

Ilkley-based chairman Sir David Jones - a veteran of the retail industry after previous roles with Grattan, Next and Morrisons - stood down last year after being drafted in to oversee the oversee the company’s rescue.