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JJB Sports shares continue their slide

kevin feddy
4/12/2008

SHARES in JJB Sports continued to slide today after the Wigan-based retailer confirmed talks with its lenders and said there was no certainty that it would sell its fitness clubs and other non-core assets.

The shares tumbled nearly 10 per cent to 11.75 after plunging yesterday following a announcement by the Office of Fair Trading that it planned to investigate rival Sports Direct International's decision to build a stake in the business.

The OFT said that it was looking at whether Sports Direct's move constituted a `relevant merger situation' and invited submissions.

Sports Direct paid £3.4m for almost 12m shares in JJB in | October. Since then, Bury-based JD Sports Fashion has bought 10 per cent of Sports Direct's holding.

In a stock market update today, JJB said lenders Barclays, HBOS and Kaupthing remain supportive of the business.

Former chairman David Whelan is understood to be interested in buying the fitness clubs.