Britain's biggest sporting goods retailer Sports Direct is to buy 60 stores of debt-laden JJB Sports in a deal that will save up to 1,500 jobs.
This is according to a source close to the deal, Reuters said today.
The source said Sports Direct, controlled by Newcastle United soccer club owner Mike Ashley, will pay about £30m sterling for the 60 stores.
It will take 20 stores immediately, with the balance of 40 shops held separately as their purchase has to be approved by the Office of Fair Trading.
Sports Direct said it will look to provide jobs for 1,000 to 1,500 JJB employees.
JJB said on Monday it was close to appointing administrators to sell its assets and brands after failing to receive an offer for the entire company.
