JJB Sports shareholder Dick’s Sporting Goods has written off the value of its investment in the retailer just five months after injecting £20m into the struggling chain.

The US giant revealed a $32.4m (£20.68m) impairment charge in its second quarter results yesterday and said JJB Sports’ performance had “materially deteriorated from its expectations”.

Last month JJB revealed that like-for-likes slumped 8.7% in the 24 weeks to July 15 and put out another cash call to its investors.

Dick’s said it has no further funding obligations to JJB, increasing the pressure on the embattled sportswear chain, which parted company with its chief executive Keith Jones last month.