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SBD Global/October 2, 2012/Finance
JJB Sports Goes Into Administration, Faces More Than 2,000 Job Losses
Published October 2, 2012
JOBS BEING LOST: KPMG Corporate Finance Partner David McCorquodale said potential bidders for JJB had been put off by the "level of cash and further operational restructuring required." He said: "In spite of the severity of financial distress suffered by the business, we spoke with over 100 parties in the first few days of our appointment; with eight trade and private equity players tabling first round bids. Unfortunately, the level of cash and further operational restructuring required to rescue a more substantial part of the business was too much risk for most interested parties" (London TELEGRAPH, 10/1). The BBC noted KPMB said that it had "kept on 167 employees to assist them, and that all staff made redundant have had their arrears of wages and holiday entitlements paid in full." In Scotland, "more than 350 jobs are being lost" with the closure of 26 stores. Only four units will remain open (BBC, 10/1).