Sports Direct International Plc will buy 60 stores of JJB Sports, the rival British retailer that announced Monday it was calling in administrators to liquidate its assets after failing to attracting investors after years of losses.
The purchase will save as many as 1,500 jobs, according to reports by Reuters and The Telegraph, which reported that Sports Direct will pay about £30 million ($48.4mm) for the stores. Both news outlets attributed the information to sources close to the transaction. JJB Sports reported operating 180 sporting goods stores as of Monday.
Sports Direct is the UK’s leading sports retailer by revenue and operating profit, and the owner of a significant number of world famous sport, fashion and lifestyle brands, including Dunlop, Karrimor and Slazenger.
The company reported group total sales rose 25.3 percent to £519.0m in the quarter ended July 29, 2012, when it opened nine stores including four in Belgium two in Hungary and one each in Slovenia, Portugal and France. As of April 29, the company operated 395 stores in the U.K. mainly under the SportsDirect.com and Field & Trek banners and acquired 67 stores in its Premium Lifestyle Division.
