Struggling sports retailer JJB has this morning formally put itself up for sale.
It said that sales had continued to decline over the six weeks ended 26 August, with like-for-like sales down by 3.3% and like-for-like cash margins down by 9.5%.
JJB said it had continued talks with strategic partners over a capital raising and restructuring of its portfolio but that following these discussions it did not believe the company would be able to raise the level of funds to implement a turnaround.
The group said that as at 28 August its net bank debt was £16.5 m, with a further £18.8m of outstanding convertible loan notes.
KPMG will handle the sale.
