Home / Knowledge / News / Apparel/Garments / Dick's Sporting to invest in JJB Sports
Dick's Sporting to invest in JJB Sports
05
Apr '12
Dick's Sporting Goods Inc. announced that it has agreed to make a 20 million pounds Sterling strategic investment in JJB Sports plc, a leading U.K. sports retailer.

Under the terms of the agreement, Dick's Sporting Goods will purchase 18.75 million pounds in junior secured convertible notes and 1.25 million pounds in ordinary shares of JJB Sports, subject to the approval of JJB's shareholders.

In addition, Dick's has been granted the option to purchase an additional 20 million pounds in junior secured convertible notes of JJB in connection with a follow-on financing expected to take place in the first fiscal quarter of 2013. Subject to certain conditions, the notes are convertible into ordinary shares of JJB Sports at Dick's election. Upon full conversion of the notes, Dick's would become a controlling shareholder of JJB.

Certain current shareholders of JJB are also expected to participate in the 2012 and 2013 financings through the subscription for 10 million pounds and 5 million pounds, respectively, of additional ordinary shares of JJB.

In conjunction with its investment in JJB Sports, Dick's will be entitled to nominate up to two non-executive directors to serve on the Board of JJB. Dick's will also be entitled to Board observer rights under certain circumstances.

"This is an exciting strategic investment that provides us with a valuable introduction into the workings of the United Kingdom sporting goods market from an established company that shares our commitment to serving the needs of core athletes," said Edward W. Stack, Chairman and CEO.

"By partnering with JJB, we will be positioned to share our more than 60 years of operating experience in the United States while gaining insight into the specific needs of U.K. athletes, which will serve as a stepping stone for our company's future growth and development."

"Our alliance with Dick's, along with the support of our current shareholders and key vendors, gives JJB a significant capital infusion, which we will use to restructure our business, refresh and refit our stores, and build our position as one of the U.K.'s market-leading sporting goods stores," said Keith Jones, CEO of JJB Sports.

"As we pursue these initiatives, we also look forward to drawing on Dick's valuable intellectual capital, which is backed by extensive experience in serving core athletes in the U.S. market."

Dick's Sporting Goods Inc. is an authentic full-line sporting goods retailer offering a broad assortment of brand name sporting goods equipment, apparel and footwear in a specialty store environment.

JJB Sports plc is one of the U.K.'s leading sports retailers. The Group, headquartered in Wigan and listed on the AIM, currently trades from over 180 JJB branded retail stores in the U.K. and Ireland and employs over 3,600 people.

Dick's Sporting Goods Inc


Must ReadView All

Market share of Indian textile items expand in 13 nations

Textiles | On 11th Dec 2017

Market share of Indian textile items expand in 13 nations

Thirteen countries — Germany, France, Italy, the United States,...

Courtesy: EUBrasil

Textiles | On 11th Dec 2017

Euratex, ABIT welcome negotiations for EU-Mercosur FTA

European Apparel and Textile Confederation (Euratex) and the...

Most firms expect no change in investment plans: CII survey

Textiles | On 11th Dec 2017

Most firms expect no change in investment plans: CII survey

Despite visible optimism in Indian industry with the Confederation of ...

Interviews View All

Yash Maniyar
Rekha Maniyar

Indian fashion market is growing at a staggering rate

Shiladitya K Joshi
Truetzschler India Private Limited

India ITME provides a platform to interact with our stakeholders

Abhishek Ganguly
Puma India

‘As a brand, Puma is always looking for new and innovative ways to inspire ...

Suresh P Bagrecha

Komal Texfab, founded in 1981, is into manufacturing of knitted fabrics,...

Harmeet Singh

New Delhi-based Jogindra Industries Private Limited provides an assortment ...

Erik Sy

Manila-based CustomThread is a start-up offering premium custom apparel...

Giorgio Mantovani
Corman S.p.A

Giorgio Mantovani, MD of Corman, with a presence in both Milano and New...

Eamonn Tighe
Nature Works LLC

Eamonn Tighe, Fibres and Nonwovens - Business Development Manager of...

Suresh Patel
Sidwin Fabric

Sidwin Fabric is a manufacturer and exporter of polypropylene textiles and ...

Anisha Chaudhari
Threads & Shirts

Threads & Shirts is a freshly-tailored concept providing men/women a...

Wendell Rodricks
Wendell Rodricks

"We should not compare India and the West. There are things we do that...

Robert Brunner
Devereux

Golfwear and menswear brand Devereux is set for greener pastures. Robert...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


editorial@fibre2fashion.com

Letter To Editor






(Max. 8000 char.)

Search Companies





SEARCH

December 2017

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.

news category


Related Categories:

Planning to Take the Leap towards
Sustainability?

Do you see sustainability as a route to business growth?

Yes No

Do you think the sustainability space has the needed tools and resources available for a business to lead change?

Yes No

Active Poll

Do you see sustainability as a route to business growth?

Yes
69.2%
No
12.1%
Skip
18.7%

Total Votes: 91

Do you think adopting a sustainable approach will be a profitable move for your business?

Yes No

Active Poll

Do you think the sustainability space has the needed tools and resources available for a business to lead change?

Yes
61.5%
No
30.8%
Skip
7.7%

Total Votes: 91

Do you want the world to know about your sustainability journey and your business’ environmental footprint?

Yes No

Active Poll

Do you think adopting a sustainable approach will be a profitable move for your business?

Yes
86.8%
No
9.9%
Skip
3.3%

Total Votes: 91

Thanks for your valuable feedback. Claim your free latest sustainability e-book.

Active Poll

Do you want the world to know about your sustainability journey and your business’ environmental footprint?

Yes
81.3%
No
8.8%
Skip
9.9%

Total Votes: 91


E-News Insight
Subscribe Today and Get the
Latest News Update in Your Mail Box.
Advanced Search