JJB Sports may seek another £50 million from investors

JJB Sports

JJB Sports

The Sunday Times reported that JJB Sports may seek additional funding to the tune of £50 million ($78.1 million) from its investors.

The company will initiate a three year long restructuring plan starting this week in an effort to stabilize the company.

JJB Sports turned unprofitable for some time and has been struggling with sagging sales and had said on December 24 that its pre-Christmas sales has been seriously impacted by heavy snow. It had issued a statement saying it plans to raise £31.5 million by issuing fresh equity and also warned of possible breach of bank covenants.

The company counts activist funds like Crystal Amber and institutional investors like the Bill and Melinda Gates foundation as its investors.

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