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| JJB Sports firms shed 438 staff | JJB Sports firms shed 438 staff |
| (about 1 hour later) | |
| The administrators of two fashion and footwear firms owned by JJB Sports - the OSC and Qube chains - are cutting 438 jobs. | The administrators of two fashion and footwear firms owned by JJB Sports - the OSC and Qube chains - are cutting 438 jobs. |
| The redundancies are a result of the closure of 37 of the 64 OSC stores and eight of the 13 Qube stores. | The redundancies are a result of the closure of 37 of the 64 OSC stores and eight of the 13 Qube stores. |
| JJB applied to put the subsidiaries into administration last week after failing to find buyers for them. | JJB applied to put the subsidiaries into administration last week after failing to find buyers for them. |
| It is also considering the sale of its gym business, JJB Fitness Clubs, which operates more than 50 sites. | It is also considering the sale of its gym business, JJB Fitness Clubs, which operates more than 50 sites. |
| OSC STORES CLOSING Ashton-under-Lyne, Barnsley, Barnstable Green, Barrow, Birkenhead, Blackpool, Bolton, Burton, Derby, Dumfries, Dundee, East Kilbride, Edinburgh, Falkirk, Galashiels, Glenrothes, Gloucester, Grimsby, Halifax, Hamilton, Harrogate, Kingston upon Thames, Leeds, Londonderry, Northampton, Nuneaton, Parkhead, Perth, Plymouth, Preston, Sheffield Meadowhall, Stirling, Sunderland, Telford, Torquay, Wakefield, Warrington | OSC STORES CLOSING Ashton-under-Lyne, Barnsley, Barnstable Green, Barrow, Birkenhead, Blackpool, Bolton, Burton, Derby, Dumfries, Dundee, East Kilbride, Edinburgh, Falkirk, Galashiels, Glenrothes, Gloucester, Grimsby, Halifax, Hamilton, Harrogate, Kingston upon Thames, Leeds, Londonderry, Northampton, Nuneaton, Parkhead, Perth, Plymouth, Preston, Sheffield Meadowhall, Stirling, Sunderland, Telford, Torquay, Wakefield, Warrington |
| "It has been well documented that both companies have been running at a substantial loss in the wake of extremely tough trading conditions on the High Street," said one of the administrators, Richard Fleming of KPMG. | "It has been well documented that both companies have been running at a substantial loss in the wake of extremely tough trading conditions on the High Street," said one of the administrators, Richard Fleming of KPMG. |
| "Unfortunately, these losses have left us with little option but to close 45 of the stores upon appointment." | "Unfortunately, these losses have left us with little option but to close 45 of the stores upon appointment." |
| In addition to the jobs cut in stores, nine members of staff have been made redundant at the head office in Wigan. | In addition to the jobs cut in stores, nine members of staff have been made redundant at the head office in Wigan. |
| The administrators said that 413 staff remain across the 27 OSC and Qube stores that are still trading and at the head office. | The administrators said that 413 staff remain across the 27 OSC and Qube stores that are still trading and at the head office. |
| QUBE STORES CLOSING Ballymena, Bury St Edmunds, Carlisle, Falkirk, Maidstone, Margate, Telford, Wrexham class="" href="/1/hi/business/7839361.stm">BBC UK jobs tracker | |
| JJB has been trying to renegotiate its debt with its key banks: Barclays, Iceland's Kaupthing and HBOS. | JJB has been trying to renegotiate its debt with its key banks: Barclays, Iceland's Kaupthing and HBOS. |
| The retailer has a standstill agreement with its banks, which has delayed the dates when certain loans have to be repaid, but that agreement is subject to the banks being satisfied with progress towards the sale of the fitness business. | The retailer has a standstill agreement with its banks, which has delayed the dates when certain loans have to be repaid, but that agreement is subject to the banks being satisfied with progress towards the sale of the fitness business. |