Family Statement: "Aiden was such a joy to be around"
JJB Stores to Close in Norfolk & Suffolk
JJB Sports stores in Norfolk and Suffolk are going to be closing after administrators were called in.
Around 2,200 staff at the struggling retailer have been made redundant across the country after the administrator closed 133 stores and sold the remaining 20 to rival Sports Direct.
The stores in Norwich, Ipswich and Great Yarmouth will all be closing.
|Store||Number of Redundancies|
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 £1.5 billion deal will also see new fleet rolled out across the network.
Connor Hibberd Expected To Serve Up To 4 Years In Custody
80 Year-Old Has Dementia Deemed Not Fit To Stand Trial
Recently Played Tracks
Deposit £10 to get a £40 Welcome Bonus - That's £50 to play bingo, slots and more!*
Over 50 tracks to make you feel-good. New album out now...
Find your local four day weather report here.
What's happening on the roads where you are?
Make Heart the soundtrack to your day and you could be a winner with great prizes up for grabs throughout the day.
Find out more about some of the companies advertising on Heart.
Get some great ideas on how to advertise your business on radio, online and on mobile.