JJB sports seeks further round of rescue funding

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Beleaguered retail chain JJB Sports is to seek another round of rescue funds after seeing its turnaround hopes derailed by poor summer trading.

With headroom on lending terms becoming increasingly tight, JJB has started talks with “strategic partners” about the funds needed for overhauling stores that it had thought would not be required until early next year.

The move comes just three months after the Wigan-based chain landed £20m from American retailer Dick’s Sporting Goods and a further £10m from existing shareholders, such as the Bill and Melinda Gates Foundation.

Its plight has deteriorated in recent weeks after poor weather and weak demand for replica kits resulted in a disappointing Euro 2012 for the retailer.

Like-for-like sales were down by 8.7 per cent in the 24 weeks to July 15, although stores refurbished under its turnaround programme performed much better.

Artist Ruth Spencer Jolly who composed 'European Unison' an ensemble written for 28 pianos, representing the members of the European Union and symbolising Brexit, following a preview of her work at Besbrode Pianos in Leeds. PRESS ASSOCIATION Photo. Picture date: Thursday March 23, 2017. The composition tells the story of the EU from its birth to Brexit. The ensemble of pianos is a metaphor demonstrating "the whole is greater than the sum of its parts". Photo: Danny Lawson/PA Wire

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