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Workers worry as JJB set to call in administrators
3:21pm Wednesday 26th September 2012 in Business
Workers at sports retailer JJB Sports have been left facing an uncertain future after bosses admitted they were looking to call in administrators.
The business, which has stores in Magdalen Street, Oxford and the Castle Centre, Banbury employing about 16 staff, has been unable to find a buyer since being put up for sale on August 30.
Stores are continuing to trade normally but the company’s board has agreed to sell the business through an administration process, although no administrator has yet been appointed.
In the meantime, the company’s shares have been suspended.
In a statement the firm said: “The company currently hopes to be in a position to announce a sale of the trade, assets and brands of the group within the next few days.
JJB Sports was founded by entrepreneur Dave Whelan in Wigan in 1971. He sold his remaining stake in 2007 and the business has struggled to survive against major competitors in recent years.