Sales slump at JJB

Like-for-like sales at JJB fell 8.9 per cent for the period July 28-December 7, according to the company’s interim management report published today.

In addition, JJB’s lenders – Barclays, HBOS and Kaupthing – have said that the Icelandic bank’s £20million bridging facility doesn’t have to be repaid in full on December 14. Under the terms of a new agreement, JJB will instead repay £20million pro rata across the three banks today. According to the management report, the banks are continuing constructive discussions with JJB and are reviewing its plans and forecasts with a view to agreeing a basis for providing continuing support.

Discussions regarding the potential disposal of JJB’s fitness clubs and non-core assets and businesses remain ongoing.

Says Roger Lane-Smith, non-executive chairman of JJB: “During the period we have made good progress on a number of fronts in the face of the difficult trading conditions that have afflicted the entire high street. The economic outlook is challenging, but I am confident that the work we are doing will put JJB in the best possible shape to trade through it.”

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