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JJB Sports confirms company is not under investigation

While results from the JJB Sports were disappointing to say the least with a loss of over £40 million in the first six months of 2009, the company has confirmed that while the serious fraud office (SFO) is undertaking an investigation into the activities of JJB and Sports Direct, it is specific JJB employees which are being investigated rather than the company as a whole. This is small consolation for shareholders who have taken a significant beating over the last few months as the company struggled from one financial disaster to another.

Many people remember a number of years ago when there was an investigation into the cost of football shirts in the UK which ultimately led to accusations of a cartel in industry. While this was never proved, a number of sports stores decided not to retail as many football shirts as they had in the past in order to avoid any controversy. Nobody is exactly certain what the issues are at the moment with regards to the SFO and its ongoing investigation, but no doubt they will come out in due course when the investigation has ended.

This is the last thing the UK retail sector needs at a time when business is still difficult and many companies are still suffering from seriously weakened balance sheets.

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