Reuters: Global Markets: JJB Sports confirms financing talks as shares rise

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JJB Sports confirms financing talks as shares rise Apr 3rd 2012, 11:43 LONDON | Tue Apr 3, 2012 7:43am EDT LONDON (Reuters) - British sportswear retailer JJB Sports (JJB.L), which nearly collapsed last year, said it was in talks with its bank and an unnamed "potential strategic partner" to raise financing. The company, which counts the U.S.'s richest man Bill Gates among its major shareholders, issued the statement on Tuesday in response to a sharp rise in its share price and rumors that bid talks were ongoing. A source said the talks related to a potential investment. "Constructive discussions continue with the company's lending bank and one of the potential strategic partners and have been widened to include other key stakeholders," JJB said in the statement. At 1126 GMT, JJB shares were trading up 34 percent at 14 pence. The company has seen its shares fall from 230 pence two years ago, as a difficult consumer environment in Britain hit its trading. A restructuring agreement with its landlords prevented it falling into administration a year ago. Recent trading updates have been more positive as JJB has worked to turn around the business ahead of a busy summer of sport. JJB declined to comment further on the statement or on the identity of the strategic partners. (Reporting by Rosalba O'Brien; Editing by Rhys Jones) Link this Share this Digg this Email Reprints

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