JJB Sports in Southend to close with loss of 12 jobs (From Southend Standard)
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JJB Sports in Southend will close making 12 staff redundant
4:33pm Monday 1st October 2012 in News By Emma Thomas
Photo credit: Dave Thompson/PA Wire
2,200 staff at JJB Sports were made redundant today after administrator KPMG closed 133 stores and sold the remaining 20 to rival Sports Direct International.
Southend's store is one of the casualties with 12 staff set to lose their jobs.
Administrators KPMG were today appointed to the three companies which make up JJB Sports.
Following their appointment, the administrators completed an agreement to sell part of the business to Sports Direct International.
Sports Direct has acquired 20 of JJB’s stores, the brand and website, securing around 550 jobs in the UK (including the staff at the company’s warehouse).
Unfortunately the remaining 133 stores will be closed today, resulting in approximately 2,200 redundancies.
A total of 167 employees have been retained to assist the administrators.
Richard Fleming, UK Head of Restructuring at KPMG, commented: “Successive attempts to restructure the business, both financially and operationally, have not been enough to prevent the company falling into administration.
"Unfortunately a buyer could only be found for 20 stores on a going concern basis. All staff made redundant as a result of store closures have had their arrears of wages and holiday entitlements paid in full. Our team of employment specialists will be supporting staff on completing redundancy forms and putting them in touch with job seeker services.
"We will now be reviewing what options are available for the remainder of the business, such as selling leasehold interests.”
David McCorquodale, corporate finance partner who led the sales process, added: “In spite of the severity of financial distress suffered by the business, we spoke with over 100 parties in the first few days of our appointment; with 8 trade and private equity players tabling first round bids.
"Unfortunately the level of cash and further operational restructuring required to rescue a more substantial part of the business was too much risk for most interested parties. We hope to be able to sell the leasehold interests of some of the remaining stores, which may result in re-employment of some staff.”
The administrators have set up a 24 hour helpline for employees: 0845 3022538.
Information is also available on the website: www.kpmg.com/uk/jjb
- Do you work for JJB? Contact the Echo newsroom on 01702 321139.
Comments(22)
thesouthendone
says...
4:52pm Mon 1 Oct 12
APR wrote:What u on about emporium, its a shop
Not the sort of emporium I frequent on a regular basis. When I have looked in on the odd occasion, I have found their prices rather on the high side.
thesouthendone
says...
4:53pm Mon 1 Oct 12
LoopyLou88
says...
5:00pm Mon 1 Oct 12
PJR-121
says...
5:41pm Mon 1 Oct 12
thesouthendone wrote:That's brilliant!
APR wrote: Not the sort of emporium I frequent on a regular basis. When I have looked in on the odd occasion, I have found their prices rather on the high side.What u on about emporium, its a shop
Please tell me this is a 'tongue-in-cheek' reply... please?
APR
says...
5:51pm Mon 1 Oct 12
APR
says...
5:53pm Mon 1 Oct 12
PJR-121 wrote:One would hope so.
thesouthendone wrote:That's brilliant!
APR wrote: Not the sort of emporium I frequent on a regular basis. When I have looked in on the odd occasion, I have found their prices rather on the high side.What u on about emporium, its a shop
Please tell me this is a 'tongue-in-cheek' reply... please?
Max Impact
says...
5:54pm Mon 1 Oct 12
LoopyLou88 wrote:The whole company went belly up not just the Southend store, a few have been sold on but the majority are closing down.
and the other day the echo reported that Southend was beginning to come out of recession .... Really ?
Cockle
says...
6:08pm Mon 1 Oct 12
APR wrote:Closed and amalgamated into the Curry' near Nazareth House in Southend, so I'm told.
What happened to PC World at the airport ?
The JJB shop in Southend High Street was already closed when I went by about 11:30 this morning.
First time I've been to the High Street for ages, if that's a High Street coming out of recession then I'm a Dutchman. Street full of coffee shops and fast food outlets in the main, for a street that used to have many shoe shops I even noticed that Stead and Simpson are closing down. Couldn't make out why H&M need another store in the High Street, the one by the Royals didn't have a single customer to be seen!
The only green shoots of recovery I saw were some weeds in the cracks between some paving slabs; probably tumbleweed growing......
GlenEckett
says...
6:18pm Mon 1 Oct 12
Max Impact
says...
6:48pm Mon 1 Oct 12
The chances of it becoming a nightclub probably slim because of the acess/exit and Southend does not really need another club, there are a few struggling as it is adding another would be the tipping poinbt for those that are strugling tio keep their heads above the water already.
APR
says...
6:52pm Mon 1 Oct 12
Apart from over priced trainers, what did JJB sell ?
sosad 1
says...
7:02pm Mon 1 Oct 12
v.randy
says...
7:34pm Mon 1 Oct 12
Echo's claim of a revival is a bit premature bearing in mind we are only 20% into the austerity cuts that will roll out over the next 3 years.
Next shop to go will be Millets..another shop with a dreadful layout and little stock.
Too many shops selling trainers anyway...first stop for me is ebay like so many...chav free shopping.
Bester
says...
7:51pm Mon 1 Oct 12
thesouthendone wrote:Means the same fing, innit.
APR wrote:What u on about emporium, its a shop
Not the sort of emporium I frequent on a regular basis. When I have looked in on the odd occasion, I have found their prices rather on the high side.
LoopyLou88
says...
9:48pm Mon 1 Oct 12
Max Impact wrote:I know but southend store will be going, and then another vacant shop, which they'll turn into another pound shop or 99p shop.
LoopyLou88 wrote:The whole company went belly up not just the Southend store, a few have been sold on but the majority are closing down.
and the other day the echo reported that Southend was beginning to come out of recession .... Really ?
Max Impact
says...
11:05pm Mon 1 Oct 12
sosad 1 wrote:Not being "street" WTF is sov's
went in currys friday tobuy something for my pc paid 30 sovs, in asdas it was 6 sovs gotmy money back shop around jjb toobloody dear nite nite
APR
says...
11:36pm Mon 1 Oct 12
sosad 1 wrote:You should try Argon computers , near the Anne Boleyn.
went in currys friday tobuy something for my pc paid 30 sovs, in asdas it was 6 sovs gotmy money back shop around jjb toobloody dear nite nite
They are helpful, and know what they are talking about.
v.randy
says...
9:22am Tue 2 Oct 12
thesouthendone wrote:Don't knock someone that uses the word emporium..I like it.
APR wrote:What u on about emporium, its a shop
Not the sort of emporium I frequent on a regular basis. When I have looked in on the odd occasion, I have found their prices rather on the high side.
And it's nice to think that someone who uses Southend High St has had an education.
Perhaps there are other words the contributor could enlighten us with .
aduksquack
says...
1:44pm Tue 2 Oct 12
volunteer driver
says...
3:43pm Tue 2 Oct 12
The Cowboy
says...
4:08pm Tue 2 Oct 12
The board of directors should hang their heads in shame, complete lack of strategic vision.
APR says...
4:46pm Mon 1 Oct 12