* Keith Jones steps down with immediate effect
* Successor could be announced as early as Monday -
* Company has reported losses since 2009
July 27 JJB Sports Plc Chief Executive
Keith Jones stepped down, leaving his yet-to-be named successor
with the task of steering a company that is coping with funding
issues, falling sales and stiff competition.
JJB shares were up 5 percent at 5.65 pence at 1420 GMT on
the London Stock Exchange on Friday.
The British sports goods retailer, which has appointed U.S.
retail veteran Robert Corliss as chairman to accelerate a
turnaround program, said Jones would stay in an advisory
capacity until the end of August.
Corliss will take over as chairman from Sept. 1.
"They have a new chairman in place. It is highly unlikely
that they are going to bring someone from outside," Peel Hunt
analyst John Stevenson told Reuters.
A company spokesman declined to comment on media reports
that Corliss could take over as chief executive. He said an
announcement on a successor could be made as early as Monday.
Jones, who took the helm in March 2010, failed to turn
things around at JJB, which has been reporting losses since
2009. Its shares have shed three quarters of their value in the
JJB, whose sales have fallen sharply since April, has been
hurt by unusually soggy weather in April and June and an equally
damp response to its football jerseys despite the European
Football Championship in June.
The Wigan-based company, which operates 180 stores in the
United Kingdom and Ireland and employs 4,000 people, has been in
talks with its strategic partners to pump in more cash.
The company was brought back from the brink after it
received a 20 million pound ($31.40 million) lifeline from U.S.
retailer Dick's Sporting Goods in April, and has since
been revamping its stores in the UK.
However, it has been left behind by larger rival and
aggressive discounter Sports Direct International Plc,
owned by Newcastle United football club owner Mike Ashley.