Stack, chairman and CEO of Dick's Sporting Goods, which has 480 stores across America. 'We believe that JJB is a strong company with the potential to become a leading multi-channel sporting goods retailer both in Britain and throughout Europe,' said Edward W. This formed part of a total ВЈ30m investment package, with the remaining ВЈ10m raised from existing shareholders. JJB was handed a lifeline by US chain Dick's Sporting Goods when, in April 2012, it pledged ВЈ20m of investment into the company as it was about to collapse While this did not directly impact the finances of the company, who the SFO had initially investigated but dropped its inquiries to concentrate on individuals instead, it did not help its battered reputation. He was accused of three Fraud Act offences in relation to failure to disclose interests in contracts entered into by the company, two money laundering offences, and two offences of furnishing false information contrary to the Theft Act 1968. Ronnie was charged by the SFO relating to allegations of a ВЈ1m fraud involving JJB contracts. In October 2010 the Financial Services Authority concluded an investigation into JJB, finding the company guilty of breaching its disclosure and transparency rules relating to the breach of financial covenants ahead of the reporting of interim results in September 2008.ДЇSA investigators slapped JJB with a costly ВЈ455k fine for breaking the rules.ДЄmid frantic restructuring and cost reduction, JJB said in February 2011 that it would close 45 of its 246 stores across the UK, and that a further 50 faced a final shuttering in the future.Д«ubbling underneath the perpetually poor performance was an investigation by the Serious Fraud Office (SFO) into Chris Ronnie, JJB's former chief executive. It sold off its fitness clubs business for ВЈ83.4m in March 2009, having placed Original Shoe Company and Qube, which it owned, into administration the previous month. JJB's troubles started during the financial crisis, when the sharp recession and credit crunch stung British consumers, scaring them away from the high street at what was the start of a retail nightmare that is still haunting the sector four years later. Financial Crisis Crushes Consumer Confidence Since May 4 2007, when the first rumblings of the financial crisis reverberated, JJB shares have lost 99.98 percent of their value. JJB's share price has also collapsed, falling by as much as 80.59 percent on the day it announced it would be going on sale.

'As a result, the Board has decided to conduct a formal sale process of the company and now wishes to invite offers to support further investment in the company, which may result in a sale of the company or its assets.' 'However, following these discussions, the directors do not believe that the company will be able to raise the level of funds required to implement the turnaround. 'The company has continued its discussions with its strategic partners regarding further capital raising and restructuring of its store portfolio to facilitate the turnaround of the group's trading performance,' said a statement from JJB. Tough macroeconomic conditions as global growth slows and Britain wades through its second recession in four years, as well as a retail market squashed by the weight of crippled consumer confidence, have pushed troubled JJB's sales and revenues off a cliff in recent years. JJB Sports, the British high street sportswear and equipment retailer, has been put up for sale after the board of directors decided they would not be able to raise enough funds to pull the indebted company out of its long-time decline.

J j b sports sale