1st Dec 2008 07:00
JJB Sports PLC ("JJB")
Assignment of the leases of four retail stores
JJB today announces the exchange of contracts for the assignment of the leases of four retail stores.
Contracts were exchanged on Friday 28 November 2008 for the assignment of the stores located in Cardiff Bay, Salisbury, Worthing and York Davygate (together the "Stores") to Sportsdirect.com Retail Limited for aggregate cash consideration of £3.4 million (the "Transaction"). Completion will take place on Monday 1 December.
JJB will no longer trade from the Stores and all of JJB's branding and insignia has been removed.
Management accounts demonstrate that for the financial year ended 27 January 2008 the stores generated profit before tax and interest of £1.1 million, and as at 27 July 2008 had gross assets of £0.3 million.
The proceeds from the Transaction will be used by JJB to reduce its level of borrowings.
There will be no significant disruption to the overall trading of JJB caused by the Transaction.
Enquiries
|
Chris Ronnie David Madeley JJB Sports plc |
01942 221 400 |
|
Richard Farnsworth Tom Roberts Maitland |
020 7379 5151 |
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