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JJB Sports boss Keith Jones steps down JJB shares slump after investor writes off stake
(21 days later)
The chief executive of JJB Sports, Keith Jones, has stepped down just weeks after a new chairman arrived to try to revive the struggling retailer. Shares in JJB Sports have plummeted 24% after its US shareholder wrote off its investment in the struggling retailer.
Mr Jones, who joined in March 2010, has overseen a difficult time with Wigan-based JJB needing to raise extra funding three times under his tenure. Dick's Sporting Goods, which took a 3% stake in JJB in exchange for a £20m investment in April, took an impairment charge worth roughly the same amount.
It avoided collapse in April after securing a £30m investment package. That means its entire investment in the British firm was in effect wiped off.
On 9 July Bob Corliss, a US turnaround specialist, joined JJB to work on ways to improve its performance. JJB's share price fell to £3.30 in London trade on the news, which was announced as part of the US group's second-quarter results.
Mr Corliss, who previously ran US retail chain The Athlete's Foot, will formally take over as chairman in September. "Since making our investment in JJB, JJB's performance has materially deteriorated from its expectations, partly due to a worsening macro environment in Europe, adverse weather conditions in the first quarter and lacklustre sales associated with the recent Euro championships," said Dick's Sporting Goods chief executive Edward Stack.
Cost-cutting
"As we indicated at the outset, this is a high-risk investment that was structured to provide us with meaningful upside and capped downside," Mr Stack added.
"We have no further funding obligations to JJB at this time and will continue to monitor the situation."
JJB is in the middle of a cost-cutting programme designed to stem losses that totalled £100m last year, and has warned that sales in recent weeks have been poor.JJB is in the middle of a cost-cutting programme designed to stem losses that totalled £100m last year, and has warned that sales in recent weeks have been poor.
Hurt by the economic downturn, it has also struggled to compete with rival Sports Direct.Hurt by the economic downturn, it has also struggled to compete with rival Sports Direct.
JJB said in a statement that the board was in advanced discussions to appoint an interim chief executive, with a further announcement to be made in due course. In July Bob Corliss, a US turnaround specialist, joined JJB as its chairman to work on ways to improve its performance.
However, chief executive Keith Jones stepped down soon afterwards. Beverley Williams, the former boss of the La Senza lingerie chain, replaced Mr Jones on an interim basis.