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Sports Direct close in on JJB deal

Sports Direct looks close to signing a deal for beleaguered sportswear chain JJB Sports, a move which could see half of JJB’s stores shut.

Mike Ashley, Sports Direct founder, has placed a bid for the struggling retailer, but it is believed he has plans to shutter half of JJB’s 180 stores, which could lead to the loss of 2,000 jobs.

According to the Guardian, Ashley plans to close all but the most profitable stores with the rest of the company being put into administration.

JJB was formally put up for sale last month after poor trading. The retailer is now heading towards a pre-pack arrangement, which could see it being placed into administration and being sold immediately.

There has been a number of interested parties in JJB, however earlier this month venture capitalist Jon Moulton withdrew from the running to buy the retailer after failing to submit a bid.

JJB founder Dave Whelan is also thought to be hoping to step in to save jobs, interested in picking up between 30 and 40 stores for his DW Sports retail and fitness club chain.

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