Blog: JJB offer hopes dashed
Joe Ayling | 14 March 2011
There were mixed fortunes for the UK's big three sporting goods retailers last week.
News emerged on Friday (14 March) that JD Sports Fashion would not be pursuing an offer for rival JJB Sports.
Meanwhile, the market's other key player, Sports Direct International, secured GBP220m (US$357m) in refinancing.
JD, which has been bucking the high street trend with positive sales, first announced "initial discussions" with JJB last month.
Wigan-based JJB has been worse-hit by the economic downturn, recently proposing a second company voluntary arrangement (CVA) in as many years.
Following last week's snub, JJB chairman Mike McTighe said he was still confident of a successful turnaround for the business.
Nevertheless, a merger between JD and JJB would have left Sports Direct a little twitchy about the opposition.
As it happened, Sports Direct was also able to announce that none of its employees were under investigation after it bought 31 stores from rival JJB in 2009.
Therefore, in sporting terms last week seemed to represent a victory for Sports Direct, a draw for JD, but a defeat for JJB, although McTighe saw it differently.
He added: "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."
Some of just-style’s more eagle-eyed readers might have noticed a small change to the menu bar on the homepage: the addition of the word re:source. Yes it might be a small change – but it marks the co...
Over the past week just-style has continued to try to unravel the potential ramifications of Donald Trump’s election as the next president of the United States....
One event dominated the international airwaves last week, and on just-style too we took a closer look at the surprise election of Donald Trump as the 45th president of the United States....
As the Brexit roller-coaster continues to twist and turn, and the US presidential election campaign nears its unpredictable and possibly protectionist end, there's no doubt these events – and the perc...
- Steps to piloting living wage in garment factories
- How to ensure sustainability is more than a slogan
- Trump blows the case for Brexit out of the water
- US apparel retailers' November 2016 sales roundup
- Duty-free trade key to build Africa supply chains
- US Q3 in brief – Destination Maternity, Cherokee
- Esquel efficiency drive continues to boost brands
- Taiwan textile maker investing in first US plant
- Outdoor apparel sector set for double-digit growth
- Myanmar garment industry "lacking labour rights"