September 13, 2012 / 4:56 PM / 5 years ago

JJB Sports says in talks with suitors

(Reuters) - Debt-laden JJB Sports Plc JJB.L said it was in talks with several parties who have offered to buy it but ordinary shareholders were unlikely to see any value from a deal.

The sporting goods retailer’s shares more than doubled to 0.79 pence but closed up 30 percent at 0.45 pence on the London Stock Exchange on Thursday. They have fallen 85 percent since it put itself up for sale on August 30.

JJB Sports has been rocked by funding issues, falling sales and stiff competition as UK store chains battle weak consumer spending, muted wage growth and government austerity measures.

A string of household retail names including Woolworths and MFI have gone out of business in recent years, undermined by price-cutting from supermarkets and rising online sales.

Reporting by Abhishek Takle in Bangalore; Editing by Don Sebastian

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