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| JJB Sports shares suspended as administration looms | JJB Sports shares suspended as administration looms |
| (35 minutes later) | |
| Trading of shares in JJB Sports has been suspended as the struggling sports clothes and equipment retailer prepares to call in the administrators. | Trading of shares in JJB Sports has been suspended as the struggling sports clothes and equipment retailer prepares to call in the administrators. |
| href="http://www.jjbcorporate.co.uk/pdf/Trading%20shares%20suspension%20%26%20proposed%20appointment%20of%20administrators%2024.09.12.pdf" >The firm said it would continue to trade through all of its outlets while it readies a widely anticipated pre-pack administration. | |
| The process will wipe out the value of JJB's existing shares and enable it to write off much of its debts. | The process will wipe out the value of JJB's existing shares and enable it to write off much of its debts. |
| The fate of its 180 stores and 4,000 employees has yet to become clear. | The fate of its 180 stores and 4,000 employees has yet to become clear. |
| KPMG are expected to be appointed to handle the formal administration process once terms of the business' sale have been agreed with a potential buyer. | KPMG are expected to be appointed to handle the formal administration process once terms of the business' sale have been agreed with a potential buyer. |
| Until then, JJB said all of its outlets would remain open for business as usual. | Until then, JJB said all of its outlets would remain open for business as usual. |
| JJB Sports announced at the end of August that it was seeking a buyer to rescue the firm. | JJB Sports announced at the end of August that it was seeking a buyer to rescue the firm. |
| Although the Wigan-based retailer received a number of offers, none of its suitors was interested in buying the company as a whole, but instead made offers for parts of its business, assets and brands. | Although the Wigan-based retailer received a number of offers, none of its suitors was interested in buying the company as a whole, but instead made offers for parts of its business, assets and brands. |
| The failure of the sale process was widely anticipated, and JJB's shares have been valued at less than a penny each since the decision to seek a suitor was first announced. | The failure of the sale process was widely anticipated, and JJB's shares have been valued at less than a penny each since the decision to seek a suitor was first announced. |
| A likely buyer for much of the remaining business is JJB's far more successful rival Sports Direct, although further expansion by the competitor firm may need approval from the competition authorities. | A likely buyer for much of the remaining business is JJB's far more successful rival Sports Direct, although further expansion by the competitor firm may need approval from the competition authorities. |
| By effecting the sale through a "pre-pack" - or fully pre-arranged - administration, JJB will be able to write off any of its debts that the buyer is unwilling to assume, and that cannot be repaid from the sale proceeds. | By effecting the sale through a "pre-pack" - or fully pre-arranged - administration, JJB will be able to write off any of its debts that the buyer is unwilling to assume, and that cannot be repaid from the sale proceeds. |