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The latest lines from the UK's biggest sports buying group
By: Jeff James
Listed Under: Top Story
Published: Tuesday, April 03, 2012
American retailer Dick’s Sporting Goods is to invest an initial £20 million into JJB Sports, part of a £30-million funding package designed to ensure the chain’s long-term future.
Dick’s has 480 stores and 81 outlets operating under the Golf Galaxy fascia.
adidas, a key JJB supplier, has also committed to provide security for a two-stage loan of up to £15 million to assist in the retailer’s store transformation programme.
Other investors include IAML, Harris Associates, Crystal Amber and BMGFT.
In addition, Bank of Scotland has pledged to extend the existing facility arrangements it has with JJB until May 2015.
“We believe this investment package and strategic alliance with Dick’s will provide a real opportunity to accelerate JJB’s turnaround,” says Keith Jones, JJB’s chief executive.
“Dick’s is a premier sporting goods retailer and we look forward to working with them.
“We are also extremely grateful to our key stakeholders for their continued support and the Bank of Scotland for the confidence they have demonstrated in the long-term future of the company.
“We have always said that the turnaround of JJB was never going to be easy or quick, and the current retail environment has made our work even more difficult.
“But we have made significant progress since our restructuring in April last year, particularly in ecommerce, cost efficiencies and the early results from our new store format.
“With the financial and commercial support we are announcing, we can go further and faster and take advantage of the tremendous opportunities we see in our market in 2012 and beyond.”
In its full year results to January 29, JJB reported losses of £101 million as revenue fell 21.7 per cent to £284 million.
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