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Reuters
Published
Oct 15, 2008
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JJB Sports gets approach for LifeStyle unit

By
Reuters
Published
Oct 15, 2008

LONDON, Oct 15 (Reuters) - Sports retailer JJB Sports PLC , whose shares have plunged since it warned last month it might breach its bank covenants, said it had had a preliminary approach for its LifeStyle fashion business.

The company, which earlier this month said it was in talks to sell one or more of its non-core assets, said there was no certainty a deal would be reached for LifeStyle, which includes 24 Qube stores and 61 Original Shoe Company outlets.

The company also said in common with others in the retail sector it had experienced some withdrawal of credit insurance cover but remained confident of its trading relationship with key suppliers who are keen to support the group.

JJB Sports also said it was in constructive talks with its debt providers HBOS and Barclays.

Shares in JJB Sports were up 19.2 percent at 28 pence at 1425 GMT.

(Reporting by Mike Elliott; Editing by Hans Peters)

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