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New chairman after profits slump from JJB 9 July 2012

Poor weather and a lack of interest in Euro 2012 replica shirts have hit chain JJB Sports.

The business announced today (9 July) a deterioration in trading performance against its expectation, particularly during May and June, with like-for like sales down by 8%.for the 22 weeks ending 1 July.

Unfortunately for the budget sports wear chain, headed by Wigan Athletic chairman Dave Whelan, the drop in footie shirt sales coincided with a terrible weather which has also impacted on seasonal sales.

With sales down chairman Mike McTighe has announced he will stand down from his role and leave the board to be replaced by Bob Corliss from 1 September

McTighe served for 20 months as chairman during which time he has led the company through a restructuring of its cost base, a second company voluntary arrangement and three rounds of refinancing

Corliss said: “JJB has been through some difficult times yet it is clear there is a real market opportunity for a national authentic sports retailer here in the UK.

JJB can be that retailer and I’m energized by the prospect of leading the company through the next phase of its turnaround.”

A full update from JJB Sports, which is as of 1 July has net debt was £15.4m is due at its Annual General Meeting (AGM) on 19 July.

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