JJB Sports posted a net loss of £167.6 million ($264.6 million) for the fiscal year ended January 25, compared with a profit of £9.6 million ($15.3 million) for the prior year. The latest year reflects a charge of £171.7 million ($273.5 million) due to store closures, job cuts and write-downs.  Full year sales slid 3.8% to £781.3 million ($1.24 billion) from £811.8 million ($1.29 billion).

JJB Sports said that group revenue for the 16 week year-to-date period through May 17 fell 42.1%. On a same-store basis, revenues were down 23.3%. This comprises a 25.8% decrease in retail store chain revenue and a 7.1% increase in revenue from the fitness clubs, which were sold in March. The company said liquidity concerns caused vendors to hold back shipments and also noted that new merchandise won't arrive until November or December because of the long lead times.

On the bright side, Sir David Jones, who took over as executive chairman in January, said JJB's debt restructuring is proceeding as planned. The second-largest U.K. sporting goods  chain has closed 140 stores and sold its fitness club chain in a bid to avoid a filing for bankruptcy.

“We have made significant inroads to restoring the group's financial stability – against all the odds – and we have initiated a strategic path to growth,” said Jones. “With our restructuring progressing very well, we now have the opportunity to revitalise JJB Sports as a focused multi-channel retail business, specializing in sporting goods and sportswear.”