Around 2,200 staff at JJB Sports, which is based in Wigan, were made redundant today after administrators closed 133 stores and agreed to sell 20 remaining outlets to Mike Ashley's Sports Direct International.
The Sports World parent bought the stores, the brand and its website for £23.8m in a deal that will protect 550 jobs in the UK, including its warehouse.
But the agreement is a worse-than-expected outcome for JJB staff as Sports Direct was reportedly hoping to save 1,500 jobs and buy up to 60 stores.
However, David McCorquodale, corporate finance partner at KPMG, who led the sales process, said the level of cash and further operational restructuring required to rescue a more substantial part of the business was too much risk for most interested parties.
More top news
Showers clearing into the early hours of Monday, then turning drier and clearer
Craig Charles is quitting Coronation Street after to head back into outer space with Red Dwarf, ITV has confirmed.
Blackpool are facing a Football Association investigation after Saturday's Championship game was abandoned when of fans invaded the pitch.