UK sporting goods chain JJB Sports will later today (10 December) update the market on its trading after a fall in share prices last week.

The company, which has appointed Lazard & Co Limited as joint financial adviser, as the company looks to offload its Fitness Clubs business and other assets in an attempt to level its debts.

In a statement to the London Stock Exchange last week, JJB said it was in "constructive discussions with its debt providers, Barclays, HBOS and Kaupthing, who remain supportive."

In recent months JJB has sold shares to rival sports chains.

JD Sports Fashion has taken up a 10% stake in the company, and Sports Direct bought a 5% stake and then revealed it had amassed a further 16% stake in the company via contracts for difference.

In addition, JJB offloaded the leases for four of its retail stores to Sports Direct for GBP3.4m (US$5.04m) earlier this month.

According to reports, JJB founder Dave Whelan - who sold his remaining 29% stake in the company last year - is in discussions to buy the fitness clubs for a reputed GBP100m.

In a filing to the London Stock Exchange today, JJB said that due to an administrative delay the interim management statement will be released later this morning.