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Irish eyeing JJB Sports

Tue, 18th Sep 2012 14:47

Ireland's biggests sports shop chain could be looking to expand over the Irish Sea through the acquisition of cash-strapped JJB Sports.Sky News reports that Stafford Group, a family-owned private company which owns the Lifestyle Sports chain in Ireland, is among those companies in the running to buy JJB Sports, which put itself up for sale last month. Mike Ashley, owner of Newcastle United football club and the founder of sportswear chain Sports Direct, is widely reckoned to be the favourite to gain control of JJB, which failed last month to raise the funds it believes it needs for its umpteenth turnaround plan. However, subsuming JJB into Sports Direct might raise some competition concerns, and there are reportedly several other groups still in the running, including US outfit Dick's Sporting Goods, which made a strategic investment in JJB in March, the value of which it has already written off."People close to the situation said that GA Europe and Hilco, two restructuring specialists, had also tabled offers. Dick's Sporting Goods, the US retailer which earlier this year bought a small stake in JJB, JD Sports and Hargreaves, another retailer, have all also lodged their interest," writes Sky News City Editor, Mark Kleinman.JJB has already warned shareholders not to expect their shares to be anything once the sale process has gone through, but that did not stop the shares rising by more than a quarter to 0.36p on the morning the Sky News story broke. JH
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2 Jan 2011 16:43

Sunday newspaper round-up: JJB Sports, Royal Mail, Bank bonuses...

JJB Sports is drawing up plans to tap shareholders for a second injection of cash as struggling retailers prepare for a tough year on the high street. The troubled sportswear chain is expected to ask investors to contribute up to £50m in the next few months on top of the £31.5m pledged in an emerge

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1 Jan 2011 12:12

The turkeys of 2010

With apologies to those of you who, after a week of seasonal indulgence, are sick of the sound of the word 'turkey', never mind the taste of it, here is an overview of the 'Turkeys of 2010', the stocks you did not want to be holding last year. Among FTSE All-Share constituents care home operator So

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24 Dec 2010 12:55

London close: Footsie finishes above 6,000

A late spurt by Footsie in the truncated afternoon trading session did the headline writers a favour and pushed the blue-chip index above the 6,000 level. Trading volumes were low, and corporate news was as thin as the veneer of snow still covering large parts of Britain. Struggling sportswear r

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24 Dec 2010 08:37

London open: JJB backers rally round

Trading is every bit as quiet as might be expected on the day before Christmas, with the blue-chip index marginally easier, disappointing those hoping for a move above the 6,000 level. Struggling sportswear retailer JJB Sports has done its best to inject a bit of excitement into proceedings with de

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24 Dec 2010 07:36

London pre-open: Stocks little changed

London looks set for a quiet half-day of trading ahead of the Christmas break, with the Footsie remaining hesitant about bursting through the 6,000 barrier. City traders expect the blue-chip index to open up a couple of points from last night's close of 5,996. Trading at JJB Sports has remained tou

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24 Dec 2010 07:02

JJB appoints restructuring specialist as chairman

Struggling sportswear chain JJB Sports has gained some breathing space with its major shareholders and its bank helping out with financial aid. The company is proposing to raise at least £31.5m through a share placing and open offer of shares at 5p each. The fund raising has the support of the com

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24 Dec 2010 06:35

Friday newspaper round-up: JJB Sports, Euro crisis, John Lewis...

JJB Sports, the beleaguered sports retailer, is poised to announce a £30m fund-raising and the departure of its chairman, to safeguard its future. It is thought that big shareholders, including Harris Associates and the foundation of Bill Gates, are backing the call. John Clare, the chairman, will

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3 Dec 2010 06:38

Friday newspaper round-up: Euro crisis, BT, Gold...

The European Central Bank launched its most aggressive intervention in government bond markets for seven months after Jean-Claude Trichet, president, unveiled a determined - but carefully calibrated - response to the eurozone crisis, the FT reports. Traders said the ECB was on Thursday buying Portu

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2 Dec 2010 16:33

London close: Market jumps 125 points

Blue chips staged an impressive late rally to finish more than 100 points higher for the second day running. There was no big bond repurchase programme today from the European Central Bank, but a decision to extend the current one for three months was enough to get buyers in a lather again. "We ex

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2 Dec 2010 14:28

London afternoon: ECB inaction deflates market

The absence of any mention of plans to launch a bond purchase in the European Central Bank (ECB) press conference this afternoon has taken some of the glow off equities. "We expect the governments to follow what they are committed to, they all have their adjustment and stabilisation programmes," E

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2 Dec 2010 13:25

Snowy weather hits retailers

The current spell of wintery weather has already begun taking its toll on businesses. The sportswear and equipment retailer JJB Sports and the department store group John Lewis have both complained that the wintery conditions have been keeping shoppers away. While bad weather does not usually have

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2 Dec 2010 12:47

Broker tips: Sage, Alliance Pharma, JJB Sports

Sage's subscription revenue growth has led Nomura to expect solid execution next year from the blue chip accountancy software firm. Sage reported "robust subscription revenues growing at 3%" in the second half versus the broker's expectation of 1%. Nomura notes that a growth of around 4% is achieva

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2 Dec 2010 12:02

London midday: Shares stay strong as updates impress

Company announcements have mostly been well-received today, helping to keep the leading share index in positive territory. All eyes will be on European Central Bank President (ECB) Jean-Claude Trichet at this afternoon's press conference following the interest rate decision for the eurozone, which

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2 Dec 2010 11:37

Broker snap: JJB Sports snowed under by debt

Panmure Gordon is reviewing forecasts for JJB Sports following the group's downbeat trading update and outlook statement Thursday. "Continued difficult trading conditions" have prompted the sports retailer to report that it will likely breach certain financial covenants when they are next tested in

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2 Dec 2010 08:25

London open: More gains for FTSE 100

Shares have got off to a good start as traders continue to hope for action on the eurozone debt crisis. All eyes will be on European Central Bank President Jean-Claude Trichet at this afternoon's press conference following the interest rate decision for the eurozone. Company updates have also bee

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