News

A chain of electrical stores under the Comet name is to be launched in a bid to fill the gap in the market left by the now-defunct retailer.

Sports Direct cleared by fraud watchdog in week it wins £220m financing

Sports Direct was given a clean bill of health by the Serious Fraud Office (SFO) yesterday, marking the latest inquiry to be dropped against the sportswear retailer.

JJB seeks backing for rescue plan

JJB Sports submitted a final draft of its restructuring plan to its lender, Bank of Scotland, yesterday.

David Prosser: JJB running out of road as landlords lose faith in CVAs

Outlook Another day, another door slams in the face of JJB Sports, the troubled retailer. To avoid going into administration, JJB needs to persuade 75 per cent of its creditors, mostly landlords, to back a company voluntary arrangement (CVA) that would see it close as many as 95 shops and renegotiate rents on the remaining 150. Yesterday, after weeks of off-the-record sniping from landlords, one of them, Capital Shopping Centres (CSC), went public: it intends to vote against the CVA.

JD Sports backs off as JJB seeks to reach creditors' agreement

JD Sports is not pursuing its takeover talks for rival JJB Sports while it awaits the outcome of the latter's proposed rescue plan.

JJB to close 95 stores and asks for £31m funding

JJB sports gave warning yesterday that the final whistle would be blown on its struggle to survive if its landlords fail to agree a company voluntary arrangement (CVA) to enable it to close up to 95 stores.

Business Diary: Kenneth Cole: how low can you go?

Kenneth Cole likes to portray itself as an upmarket fashion brand but a couple of recent tweets are about as low as you can get. Opining on events in Egypt KC had the following to say: "Millions are in uproar in #Cairo. Rumor is they heard our new spring collection is now available online at http://bit.ly/KCairo -KC"

JJB confirms bid talks and £31.5m fundraising

The beleaguered sports equipment retailer JJB Sports yesterday gave its long-suffering shareholders mixed news by confirming that it had received a takeover approach from its rival JD Sports Fashion while also tapping investors for a £31.5m fundraising.

Market Report: Investors suffering from Christmas indigestion

The seasonal goodwill that just lifted the FTSE 100 through the 6,000 point mark at close of trading on Christmas Eve failed to hold as (some) traders returned to work yesterday.

JJB set to unveil £30m cash-call

JJB Sports, the beleaguered sports retailer, is poised to announce a £30m fund-raising and the departure of its chairman, to safeguard its future.

Fears for retail snowball after profit warning from Alexon

Alexon, the fashion retailer, yesterday sent a pre-Christmas chill through the retail sector with a profits warning, becoming the latest group to warn about the damaging impact of the "extreme" wintry conditions.

Costa helps Whitbread rise above north-south divide

The new chief executive of the leisure group Whitbread, the owner of the Premier Inn and Costa Coffee chains, has warned of a continuing north-south divide in the UK over the next year in the wake of the Government's public sector cuts.

JJB investors could be wiped out, warns City

City analysts have warned that JJB Sports faces a battle for survival after the beleaguered retailer said it was likely to breach banking covenants in January and that trading conditions remained "extremely challenging", exacerbated by the snowy weather.

JJB warns on profits as itis forced to slash prices

JJB Sports, the beleaguered sports equipment retailer, yesterday warned that profits margins were being hit by its hefty price cutting, as it posted a rise in debts and slowdown in underlying sales growth.

JJB Sports fined £445,000 by FSA

JJB Sports has been hit with a £445,000 fine after a Financial Services Authority investigation into its compliance dating back more than two years.

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