It is thought that the brand took the action after credit insurance company Coface pulled its cover to JJB’s suppliers.
A JJB spokesman said only: “We still have a good relationship with Puma.”
Sources also told Retail Week that JJB had been touting its profitable health club business for sale but has failed to secure any serious interest in the current climate.
JJB also denied market speculation that it has breached a banking covenant with Barclays Bank.
Pressure is mounting on the retailer over the sale of its lifestyle division made up of Original Shoe Company and Qube.
The sale, it was hoped, would help pay back a Kaupthing bridging loan of£20 million which is due to be repaid within weeks.
Last month Sports Direct snapped up a 5 per cent stake in JJB, paying£3.4 million for 11.9 million shares.
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