Reuters: Bankruptcy News: UPDATE 1-JJB Sports to appoint administrators after failing to sell itself

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UPDATE 1-JJB Sports to appoint administrators after failing to sell itself Sep 24th 2012, 07:28 Mon Sep 24, 2012 3:28am EDT Sept 24 (Reuters) - British sports goods retailer JJB Sports Plc said it is appointing administrators to sell its assets and brands after failing to receive an offer for the entire company. JJB Sports, which put itself on the block on Aug. 30, said it expects to announce that it has sold its assets and brands within the next few days. The Wigan-based company said it will continue to trade through retail outlets outside of administration, pending completion of the sale process. JJB Sports has been hurt by a shortage of working capital, falling sales and intense competition from larger rival Sports Direct International Plc. The company said it did not expect an offer for its shares and that it was no longer in the offer period under UK's takeover code. JJB's shares, which were suspended on Monday, have fallen 93 percent this year. They closed at 0.4 pence on the London Stock Exchange on Friday.

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