JJB Sports’ biggest investor Invesco is considering forcing through a restructure of the troubled sportswear retailer to speed up its turnaround plan.
The fund manager, which owns 34% of JJB Sports, is understood to have lost patience with the retailer’s management and could trigger a restructure including store closures.
Invesco is believed to have signalled its intent to buy the retailer’s outstanding debt from Lloyds Banking Group as it looks to take greater control its direction.
JJB held a board meeting to discuss its future last Thursday and is being advised by accountancy firm KPMG on its financial options.
Analysts believe up to 80 of the firm’s 180 store estate could be shuttered and there could be significant redundancies among its 4,000 staff, The Telegraph reported.
US retailer Dick’s Sporting Goods, which invested £20m into JJB in return for a 3% stake in April, could bring forward a scheduled investment of a further £20m that had been expected next year.
Last week former La Senza boss Beverley Williams replaced Keith Jones, who had been chief executive since 2010, on an interim basis.
The retailer has denied suggestions there are plans for a third CVA, the mechanism previously used by the retailer to avoid collapse.