Herbert Smith is advising JJB Sports as the stricken retailer announces that it is appointing administrators.
Shares in the Aim-listed company – which traded at £10 a piece in 2008 – were suspended today as KPMG partners Brian Green, David Costley-Wood and Richard Fleming move in as administrators.
The news comes following JJB’s failed search for a buyer for the company, which began in August after aborted attempts to turn the business around.
Herbert Smith, which was brought in to advise on the proposed sale, is expected to be instructed by the KPMG partners on the administration.
The firm is fielding a team led by corporate partners Will Pearce – who is also Herbert Smith’s relationship partner for JJB – and Gareth Roberts, finance partner Ewen Fergusson and restructuring partner Kevin Pullen.
Background to this deal:
Herbert Smith is a long-time adviser to JJB and in 2009 acted on its £100m rights issue (14 October 2009), as well as on the sale of its gym business and restructuring package (26 March 2009).