The chief executive of JJB Sports is poised to step down after a string of profit warnings and emergency fundraisings left shareholders in the company facing a bleak future.
I have learned that Keith Jones, who has run JJB only since March 2010, is expected to leave within days. Directors of the company are understood to be discussing the departure of Mr Jones this evening and an announcement could be made as soon as tomorrow morning.
JJB has endured a torrid few years during which it has been rescued three times by investors and axed dozens of stores in a desperate survival bid.
JJB’s shares plunged a week ago after it disclosed that the Euro 2012 football tournament had failed to produce the anticipated uplift in sales.
It was the latest in a string of profit warnings and raised fears that the company would not last until the key Christmas trading period without a fresh cash injection.