Jobs lost as store closes

No Caption ABCDE
No Caption ABCDE
0
Have your say

Staff at the JJB store in Corby were among the thousands employed by the firm to lose their jobs today.

About 2,200 staff at JJB Sports were made redundant today (October 1) after administrators closed 133 stores, including the one on Phoenix Retail Park in Corby, and agreed to sell the 20 remaining outlets to Sports Direct International, which is owned by Mike Ashley.

The Sports World parent bought the stores, the brand and its website for £23.8 million in a deal that will protect 550 jobs in the UK, including its warehouse.

It had been hoped that Sports Direct would buy up to 60 stores, safeguarding 1,500 jobs. However, David McCorquodale, corporate finance partner at KPMG, who led the sales process, said 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.