Wednesday 16 April 2014

Britain’s Sports Direct to buy 60 JJB Sports stores

BRITAIN’S biggest sporting goods retailer Sports Direct is to buy 60 stores of debt-laden rival JJB Sports in a transaction that will safeguard up to 1,500 jobs, a source close to the deal says.

The source said Sports Direct, controlled by Newcastle United soccer club owner Mike Ashley, will pay about £30m (€38m) for the 60 stores.

It will take 20 stores immediately, with the balance of 40 stores held separately as their purchase is subject to approval from Britain's Office of Fair Trading.

Sports Direct will look to provide jobs for 1,000 to 1,500 JJB employees.

JJB said on Monday it was close to appointing administrators to sell its assets and brands after failing to receive an offer for the entire company.

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