15 Oct 2008 15:12
JJB SPORTS plc
"JJB", "The Group" or "The Company"
BUSINESS UPDATE AND BOARD CHANGES
JJB Sports plc today announces changes to its Board and provides a business update.
David Jones has agreed to take up a new position of Deputy Chairman, a role which will allow him to focus on the retail operations of the Company. David has considerable experience of the retail industry, notably as Chief Executive and later Executive Chairman of Next plc. He was also a Non-executive Director and later Non-executive Deputy Chairman of Wm. Morrison Supermarkets plc and Chairman of Littlewoods Shop Direct Group.
Barry Dunn, Group Property Director, will stand down from the Board and leave the Group with immediate effect to pursue outside property interests. The Board has started the search process for a new Property Director.
As previously announced in the Company's interim results statement, the Company concluded negotiations on a £20m bridging facility made available by Kaupthing which is now fully drawn down. Constructive discussions are ongoing with JJB's other debt providers, HBOS and Barclays, who remain supportive and JJB has appointed KPMG to advise on these discussions.
In common with other companies operating in the retail sector, JJB has experienced some withdrawal of credit insurance cover but remains confident of its trading relationship with its key suppliers who have been keen to support the Company.
The Company confirms that it has received a preliminary approach for its LifeStyle division, which includes Qube and Original Shoe Company. There can be no certainty that any transaction will occur or as to the terms of any such transaction. A further announcement will be made when appropriate.
Roger Lane-Smith, Non Executive Chairman of JJB Sports plc, said:
"I am confident that the steps we are taking will provide the stability to allow us to focus on our core activities. The Group remains committed to these operations and is actively reviewing options for non-core assets.
"I am also pleased that David Jones has agreed to accept a new role. The Company will benefit considerably from his enormous retail experience. I would also like to thank Barry Dunn, on behalf of the Board, for his work at JJB. We wish him every success in the future."
For further information, please contact:
| Chris Ronnie | |
| David Madeley | |
| JJB Sports plc | 01942 221400 |
| Richard Farnsworth | |
| Tom Roberts | |
| Maitland | 020 7379 5151 |