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JJB SPORTS WILL close its Irish shops and gym this evening after it failed to find a buyer for the troubled business.
The company, which ran four stores and two leisure centres in Dundalk, Blanchardstown, Limerick and Liffey Valley, employs 101 people.
A statement by the court appointed liquidator KPMG said that despite looking for a purchaser, none had been found.
However, according to Retail Excellence (REI), which represented the retail industry in Ireland, a buyer was looking into purchasing the chain.
“It is disappointing to see the closure of the 4 JJB stores and 2 leisure centres” said David Fitzsimons, CEO of REI. “REI is aware of a buyer who was willing to retain all jobs in the JJB company and honour the gym memberships, however the slowness of the liquidation process and an unwillingness on the part of the stores landlords and agents acting on behalf of these landlords to agree a market rent deal meant that time ran out for the company.”
He said the outcome was indicative of the fact that landlords are still charging Celtic tiger rents which are not sustainable.
2,200 UK staff at JJB Sports were made redundant at the beginning of October when the administrator closed 133 stores and sold the remaining 20 to rival Sports Direct International.
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Fianna Fail created upward-only rent reviews. Cronyism to buy votes from the business managers.
Not defending FF, but who do you blame for JJB going bust in the UK? Maybe it was just a badly run company that expanded too fast too soon. When a company does this they usually find it hard to manage costs
At the closing down sale in Northern Ireland I noticed stock coming up from Dundalk. Maybe this was on the cards a while or why unload stock
Very sorry for those who have lost their jobs. From a totally selfish point of view, I got a ridiculous bargain on a great bike there at the weekend…..
Upward only rent reviews is why potential buyers couldn’t be enticed. I am/was a member in limerick. Big thank you to the staff that made my 3 years as a member such a great experience. You were a great crew and I wish you all well
The rent JJB paid for the Liffey Valley store was 30% higher than what they pay for the Oxford street store in London. High rents is killing retail in Ireland. Hundreds more jobs wil be lost
More job losses !
so much for the five point plan !
Upward only rent review clauses could be inserted or amended or removed completely from Commercial Leases- they as tenants (along with all the other multinational brands that pay Mr Fitzimonds massive salary) signed the Leases -often given a undertaking from their parent company to pay the rent! Most of these brands would only go into sheds (including JJB) built in a sea of car parking and based well outside the CBD of Irish towns – Retail Excellence my hole
Actually cannot purchase decent football boots now in ireland lifestyle is crap so is elverys will have to purchase online with a uk based company now regrettably
I still cannot understand how this could be covered in some legal way to only be upward rent review.
Am I missing something here … I mean what was the thinking of that?
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