JJB hit as Dick’s writes off £20m

 
Kasmira Jefford
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SHARES IN JJB Sports dived by almost a quarter yesterday after a major US investor wrote off an investment it made in the struggling sporting goods retailer just five months ago.

Dick’s Sporting Goods which came to JJB’s rescue in April with a £20m investment, disclosed a pre-tax impairment charge of $32.4m in its second-quarter results on Tuesday. In a statement Edward Stack, the US retailer’s chief executive of Dick’s Sporting Goods, said JJB’s “performance has materially deteriorated from its expectations”, partly due to economic woes in Europe.