Jobs go as JJB fails (From The Oxford Times)

Jobs go as JJB fails

3:06pm Tuesday 2nd October 2012 in Business By Chris Koenig, covering business. Call me on 01865 425433

Struggling sports retailer JJB Sports has gone into administration, leaving around 2,200 employees redundant nationwide.

In Oxfordshire 16 workers at two shops — Magdalen Street, Oxford, and Castle Centre, Banbury — have lost their jobs.

Administrators KPMG closed 133 stores across Britain, including the two in Oxfordshire, and sold the remaining 20 to Sports Direct International.

David McCorquodale, corporate finance partner at KPMG, said the level of cash and further operational restructuring required to rescue a more substantial part of the business was too much risk for most interested parties.

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.