Sports giant JJB has posted a £68.5 million loss for the 12 months leading to January 31st this year. The national chain narrowly avoided administration thanks to a rescue deal with landlords.
According to the Retail Bulletin, sales dipped by a massive 42 per cent to £372.5 million, partly as a result of suppliers holding back stock fearing the giant's collapse. The online business also suffered, diving 22.6 per cent to £361.1m.
Chief executive Keith Jones said: "The year under review was the most difficult in the history of JJB Sports, when the business faced a fight for survival. The fact that it did survive is in large part down to the hard work and dedication of JJB's management and staff."
The firm's frtunates do appear to be gradually turning a corner however, comparable sales in the 16 weeks of the new financial year were up 7.5 per cent, while revenues grew 19 per cent in May.