10th Feb 2009 09:35
JJB SPORTS PLC ("JJB") Statement re Lifestyle division
JJB Sports plc ("JJB" or the "Company") announces today that notice of intention to appoint an administrator in respect of the two subsidiaries, Original Shoe Company Limited ("OSC") and Qubefootwear Limited ("Qube"), comprising its Lifestyle division, has been filed in court. OSC is a retailer of branded lifestyle clothing and footwear operating out of 64 stores and Qube is a retailer of fashion footwear operating out of 13 stores. As previously announced, the Board of JJB has for some months been reviewing its options in respect of the future of the Lifestyle division and a preliminary approach for the division, referred to in the Company's announcement of 15 October 2008, did not result in a transaction. The LifeStyle division continues to trade at a substantial loss and the directors of each of OSC and Qube have decided to file notice of intention to appoint Messrs. Fleming, Costley-Wood and Nimmo of KPMG LLP as administrators of OSC and Qube, respectively. The Board of JJB remains hopeful that a third party may become interested in acquiring the businesses. The filing of notice of intention to appoint administrators (and any subsequent administration) of OSC and Qube by their boards of directors is provided for in the terms of the Company's extended standstill arrangement with its lenders and does not affect any of the Company's other trading businesses.
Contacts:
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Maitland |
020 7379 5151 |
|
Neil Bennett |
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Emma Burdett |
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