* 438 staff made redundant
* 45 stores closed
* shares down 4.4 pct
LONDON, Feb 19 (Reuters) - Administrators to JJB Sports Plc’s loss-making LifeStyle division said on Thursday 438 staff had been made redundant following the closure of 45 stores.
KPMG, said that of the 64 Original Shoe Company stores and 13 Qubefootwear stores which make up the division 37 OSC and eight Qube outlets had closed with immediate effect.
It said the balance of stores would continue to trade while a buyer was sought.
JJB had said on Feb. 10 the division would be placed in administration unless a last-minute purchaser could be found.
It said in a statement on Thursday the administration of OSC and Qube was provided for in the terms of the company’s extended standstill arrangement with its lenders, which was announced last Friday. [ID:nLD071936]
JJB employed a total staff of about 12,000 prior to the LifeStyle redundancies.
At 1024 GMT shares in JJB, which have lost 91 percent of their value over the last year, were down 0.5 pence, or 4.4 percent, at 11 pence, valuing the business at 27 million pounds -- less than two weeks’ sales. (Reporting by James Davey, editing by Will Waterman)
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