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Dick's agrees investment in JJB Sports
Thursday, 5th April 2012
JJB Sports has agreed a £30m investment and refinancing package, including a £20m investment from US retailer Dick's Sporting Goods.Dick's will invest an initial £20n in new shares and convertible loan notes, with the right to invest a further £20m in convertible loan notes
JJB Sports chief executive Keith Jones said: "We believe this investment package and strategic alliance with Dick's will provide a real opportunity to accelerate JJB's turnaround.
"Dick's is a premier sporting goods retailer and we look forward to working with them.
"We are also extremely grateful to our key stakeholders for their continued support and the Bank of Scotland for the confidence they have demonstrated in the long-term future of our company.
"We have always said that the turnaround of JJB was never going to be easy or quick, and the current retail environment has made our work even more difficult.
"But we have made significant progress since our restructuring in April last year particularly in e-commerce, cost efficiencies and the early results from our new store format.
"With the financial and commercial support we are announcing today, we can go further and faster and take advantage of the tremendous opportunities we see in our market in 2012 and beyond."
Story provided by StockMarketWire.com
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