LONDON--U.S. fund manager Invesco Ltd. (IVZ) is planning to
seize control of struggling U.K. retailer JJB Sports PLC (JJB.LN),
the Sunday Times reports without citing sources.
Invesco, the largest investor in JJB Sports with a 47.3% stake,
has tabled a proposal to buy the company's outstanding debt from
Lloyds Banking Group (LYG), the paper reports. Invesco would then
work with 3.1% shareholder U.S. retailer Dick's Sporting Goods Inc.
(DKS) on a restructuring plan.
JJB made a 101 million pounds ($158 million) loss in 2011 and
last month admitted its finances were in a perilous state and that
it needed an emergency injection of cash.
The warning triggered the abrupt exit of Chief Executive Keith
Jones who was replaced on an interim basis by Beverley Williams,
the former boss of the La Senza lingerie chain.
Representatives for JJB Sports and Invesco weren't immediately
available to comment.
Newspaper Web site: http://www.timesonline.co.uk
-London Bureau, Dow Jones Newswires; +44 (0)20 7842 9320
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