Economy
JJB Sports FD to step down |
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| Economy | |
| Written by Roberta Murray | |
| Tuesday, 24 August 2010 | |
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Troubled sportswear retailer JJB Sports has announced that its finance director Lawrence Coppock will step down from his post within the next 12 months. The JJB chain has 250 stores nationwide and which teetered on the brink of insolvency in 2009. It was announced last week that Coppock, finance director since May last year, had indicated the role he was recruited to perform was substantially complete, reports Reuters. JJB avoided falling into administration by selling its fitness clubs for £83 million, pushing through a debt restructuring deal with creditors, raising £100 million of new capital and renegotiating banking facilities. The firm said Coppock will work with JJB's Chief Executive Keith Jones to find a successor. The business is valued at about £83 million. JJB said in May its turnaround would take three years. Coppock joined the JJB Board in May 2009 and "has played a significant role in the initiatives taken to save the company from the brink of insolvency and to stabilise its financial position, placing the company on its current course for longer term growth," said JJB in a press release. Coppock is 58 and has indicated that he "now is the appropriate opportunity for the Board to find a Finance Director who can grow with the Company over time," said JJB. He will work with the company’s CEO, Keith Jones, and the rest of the Board, to find a suitable successor and will continue to be fully engaged in the business during this time. The effective date of his departure from the Board and details of his successor will be the subject of separate future announcements, the company said. |
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