JJB Sports looks to sell non-core assets

In a statement this morning, the retailer said that discussions were ongoing and that “there can be no certainty that any transaction will occur or as to the terms of any such transaction.”

JJB has been hit hard by the economic downturn and has appointed KPMG to advise it on its short–term future.

it is also backed by Icelandic investment group Exista, fuelling concerns over its future.

Bailiffs were called to its stores as landlords became nervous of the retailer’s ability to pay and it failed to meet rents on empty properties for which it was still under lease.

Reports have suggested that the sale of the retailer’s profitable fitness clubs arm could help the retail business to survive.

Market speculation has also suggested that JJB may divest its lifestyle division, which includes its Original Shoe Company and Qube chains.