Is this the end for the K1?

[Parmo]

close 72 stores over the next two weeks, with the loss of 800 jobs.

The sportswear chain, which operates 420 shops across the UK, said it was closing the stores to protect the rest of the company after its profits plunged.

"They are being closed because they are not profitable, and are a huge drain on the business," said chief executive Chris Ronnie.

The 72 stores being shut include both high street and out-of-town outlets. They employ 1,200 people, and only 400 will be redeployed across the company.

The closure plan, which will cost £25m, was announced alongside JJB's preliminary results for 2007. Adjusted operating profits fell sharply, down 28% at £34.3m from £47.7m in 2006.

The company's shares fell by nearly 6% in early trading, down 6.5p at 107.25p.

Ronnie, who became chief executive last year, admitted that the figures were worse than expected but insisted that the store closures plan would mark a turning point for the firm.

But JJB also admitted that sales were down by 3.5% in the seven weeks to Easter, adding to the raft of evidence that UK shoppers are spending less as economic conditions worsen.

Nick Bubb, analyst at Pali International, warned that the recent bad weather would also have harmed JJB's sales.

According to the British Retail Consortium, high street spending fell 1.6% last month, compared with the previous year.

I feel so down....

 

[TonyN]

Jesus, parmo you look much different than i imagined!

 

[haplesshacker]

And after all that marketing, well brochures, falling out of GM this month. They're obviously in one sorry state at the moment. Being a retailer myself, with has several shops, this is rather worrying from an economy point of view.

 

[USER1999]

My sympathy to the retail guys, it will be a tough time, but, how many of us would really cry if the chav shop went down.

 

[madandra]

JJB are the Gretna FC of sports retail. Do they think everyone from 4to 106 want to wear hoodies and trackies. I blame them for the hole in the ozone layer because all that static electricity generated from the rubbing of polyesther has caused many a shock and third degree burns.

 

[haplesshacker]

I think you'll find it's Nylon and not polyester that trackies are made of, either way it's definately Nylon that causes the static.

 

[RGuk]

Parmo, no pictures please....that's golf porn!!

Sad to hear the tale, no surprise. My local store looked robbed the other week....I went in to look for the girl who'd been on the forum....

Should I go in and try to pick up some quality gear?

 

[billyg]

I think you'll find it's Nylon and not polyester that trackies are made of, either way it's definately Nylon that causes the static.

always look like terry towelling or velour to me...either way it's the mark of trash.

Does this mean no more 45 minute info-mercials on the golf channel with Kenny Dalgleish?

Gutted- not

 

[viscount17]

I confess to having looked in JJB in Stevenage. Never bought anything though as the place always looked a rave had been held there, though most of the staff looked too young for legoland!

 

[RGuk]

Never bought anything though as the place always looked a rave had been held there, though most of the staff looked too young for legoland!

Priceless.....

 

[golfer1]

Does this mean JJB will be selling the stock off cheap. I might nip down and see if i can pick up a box of Pro v1's for a tenner.

 

[RGuk]

I dunno, you might get some Pro Plus off the Ravers!

 

[Parmo]

lol you might be able to pick up a 10 year peice of TM kit they usually sell!!

 

[ball_basher]

i hate jjb i used to work for them and i have to say they are the worst company i have ever worked for, and i have worked for a few big company's , they are just a bunch of bullies the hierarchy , the area manager had me in the office trying to bully me into grassing up other members of staff for nicking the stock . needless to say i was angry and upset and put a grievance in the next day , then i never seen him again , dont know what happened to him as i left after the 4th armed robbery and did nothing to protect the workers , no cameras and dodgy door round the back where nobodyhy could see ... i did meet some cool people who worked there though ...