JJB warns of slow recovery
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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Hide AdThe 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.