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JJB sells 20 stores to Sports Direct; 2,200 jobs axed

Monday, 1 Oct 2012 | 11:17 AM ET

* JJB names KPMG as administrator

* Sells 20 stores to Sports Direct

* Deal worth 23.7 mln stg, plus potential 0.25 mln stg

* Remaining 133 stores closed, 2,200 staff made redundant

LONDON, Oct 1 (Reuters) - Debt-laden British retailer JJB Sports Plc on Monday said it had agreed to sell 20 stores to rival Sports Direct for almost 24 million pounds ($39 million), although 2,200 staff at its remaining shops would be made redundant.

Wigan-based JJB, which has been reporting losses since 2009, said administrators KPMG had agreed a deal with Sports Direct to safeguard around 550 UK jobs, but that the remaining 133 stores would be closed today. ($1 = 0.6193 British pounds)

(Reporting by Neil Maidment; Editing by Mark Potter)

((neil.maidment@thomsonreuters.com)(+44)(0)(207 542 2292)(Twitter @ReutersMaidment)(Reuters Messaging: neil.maidment.thomsonreuters.com@reuters.net))

Keywords: JJB/

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