Full time at JJB as Sports Direct waits in wings

Long-suffering sportswear retailer JJB Sports waved the white flag today as it prepares for a pre-pack administration that is likely to cost 2,000 jobs.

The company confirmed that it could appoint KPMG as administrator as soon as today, with the likely buyer – billionaire Mike Ashley's Sports Direct – waiting in the wings to snap up half of its 180 stores.

But the deal is likely to see at least half of the company's 4,000 staff lose their jobs. The collapse will mean huge losses for high-profile investors including Neil Woodford's Invesco, the Bill and Melinda Gates Foundation and hedge fund Crystal Amber.

Ashley had held a 4.8 per cent stake in JJB, but sold it in 2009. JJB said it hopes to be in a position to announce a sale of its trade, assets and brands "within the next few days".