UK: JD drops interest in JJB
Sportswear chain JJB will now focus on its restructuring plan
JD said this morning (11 March) it was no longer considering the bid, after last month revealing buyout talks were being held between the two companies.
Earlier this month JJB outlined details of its second company voluntary arrangement (CVA) in as many years, as part of a restructuring to avoid going into administration.
JD said in a stock exchange statement today: "Following a detailed assessment of the opportunity from the further public information made available in the detailed CVA proposals issued on 3 March 2011, JD Sports Fashion now confirms that it has decided that it does not intend to make an offer for JJB Sports."
JJB's board reacted by saying it considered JD Sports' indicative proposal to be "highly conditional and lacking sufficient certainty to be deliverable".
Mike McTighe, JJB chairman, 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. The board remains confident that with the support of our stakeholders we can achieve a successful turnaround of the business."
Outdoor clothing and footwear retailer Blacks Leisure Group Plc has named Peter Williams as interim chairman while the company searches for a permanent replacement following the resignation of David B...
UK retailers, already under pressure from a slowdown in consumer spending, are now counting the cost after four shocking days of rioting and looting in towns and cities across the UK caused widespread...
Sports and casual wear retailer JD Sports Fashion Plc has selected Centric Software to provide product lifecycle management (PLM) software to help improve the product development process for its appar...
Retailer JJB Sports Plc today (8 July) said it is continuing to make good progress in carrying out its turnaround plan, but warned the UK retail market "continues to be extremely challenging and is li...
In its first major move since repurchasing the master license for its brand in Europe last January, Fila Luxembourg has agreed several long-term licensing deals for the EMEA (Europe, Middle East, Afri...
The following is a round-up of apparel and footwear news from the world's local media. just-style has not checked these stories so cannot guarantee their accuracy....
Retailer JD Sports has acquired men's wear chain Cecil Gee, including eight of the brand's stores, from Moss Bros for GBP1.7m (US$2.8m), the company has confirmed....
- How M&S plans to revamp its clothing business
- The difference between compliance and safety?
- Central America must make better use of DR-CAFTA
- Yarn-forward rules weigh on Vietnam TPP potential
- Is China really going through a slump?
- Gap accused of rights violations in supply chain
- US Q1 in brief – Guess, Burlington Stores, Sears
- H&M, Inditex and Nike rated supply chain leaders
- Adidas Speedfactory eyes large-scale production
- BHS supplier Courtaulds Brands in administration