Jjb Sport To Enter A Company Voluntary Arrangement?

thriftybabe

Can someone explain exactly what that means?

mr.broderick

thriftybabe wrote: »

Can someone explain exactly what that means?

Thought Dave whelan had bought the fitness side of things for £76 million?

confused31_2

mr.broderick wrote: »

Thought Dave whelan had bought the fitness side of things for £76 million?

theyve changed the name of wigan stadium from JJB to DW stadium today, dont look good for JJB.

fc123

thriftybabe wrote: »

Can someone explain exactly what that means?

It's a bit like an IVA but for a company. Freeze everything and then, go through liabilities etc to see if the company can be saved.

The Landlords are having a bad day as all the leases return to them and are then re-negitiated....downwards or surrendered.

Lot's of Far Eastern suppliers are not going to see payday for stock delivered.

I have to confess I get confused by all the differed JD, JJB, Sportsworld etc Chavtasticwear shops...all merge into one for me.....the shame, it's my sector too.

fc123

Dave Whelan: 'I'm absolutely delighted to be back in the game'

• Published: 25 March 2009 17:43
• Author: [EMAIL="lisa.berwin@emap.com"]Lisa Berwin[/EMAIL]
• More by this Author
• Last Updated: 25 March 2009 18:04
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Dave Whelan: 'delighted to be back in the game'

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Dave Whelan has bought JJB Sports' 53 fitness clubs and 51 associated stores, he has confirmed to Retail Week.


Whelan, who founded JJB in 1971 but sold his stake in 2007, said he had paid £76m.
He said was done the deal partly to safeguard the future of the wider chain but also because the fitness division is "a good business opportunity."
He said that the sale should mean JJB will not face administration but believed there was "a bit more reorganisation to do" of the rump business that he does not own.
Whelan told Retail Week that Sir David Jones, who was made executive chairman in January to lead the rescue of JJB, had been "an excellent man to deal with", but was dismissive of the contribution of former chief executive.
"It was Chris Ronnie that ruined it," said Whelan.
Whelan said that his stores and gyms will be rebranded DW Sports Fitness. "I am absolutely delighted to be back in the game," said Whelan.
"We are reverting the stores back to be a serious sports retailer."
Whelan is working with big sports brands such as Adidas and Nike on his new offer.
The deal has still not been formally confirmed by JJB.

Looks like some of the chavatsticwear retail outlets are going to survive under a new owner. Quote from Trade Press above.