JJB CEO FOUND HANGED

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Welski
Posts: 984
Joined: Tue Oct 08, 2002 12:23 pm

JJB CEO FOUND HANGED

Post by Welski »

Sorry to start with such a unhhappy not to mention long post but I just noticed this story flash up on my news system...
The chief executive and son-in-law of the founder of British sportswear retailer JJB Sports has been found hanged from a tree, police said on Tuesday, adding they were not looking for anybody else in connection with the death.
JJB Sports issued a statement to the London Stock Exchange confirming that Duncan Sharpe, 43, had died suddenly. The news sent shockwaves through London's business community.
A spokeswoman for Lancashire police in the northwest of England said Sharpe's body was found near the town of Bolton by a farmer on Monday afternoon. "There are no suspicious circumstances," she added.
Sharpe had been with JJB Sports for 19 years and was the son-in-law of the firm's founder and chairman David Whelan. A professional golfer in Hull between 1976 and 1983, Sharpe met his wife when she took golf lessons.
He joined JJB Sports as an area manager in 1983.
A spokesman for the firm said the couple have children.
Sharpe held about 12 percent of the company's stock and is a director of Wigan Athletic, also owned by Whelan.
JJB Sports is best known for being the country's biggest seller of football shirts.
"While it is difficult to focus on business matters at a time of personal tragedy, we remain confident in the long-term future of the business. Until further notice Dave Whelan will be acting Chief Executive of JJB," the company said.
Whelan, a former Blackburn Rovers footballer, started JJB in 1971.
The company said its results for the six months to July 31, due to be released on Thursday, would be broadly in line with market expectations.
Following a profit warning in July, the company is expected to make about 39 million pounds ($61 million) profit for the period, down from 47.2 million the previous year.
There has been speculation recently that management want to take the company private with a 600 million pound buyout plan following the poorly received takeover of Liverpool-based discount clothing chain TJ Hughes for 42 million pounds.
The firm's shares, which slumped nearly 40 percent on the profit warning in June, fell as much as 11 percent on Tuesday's news and later pared losses to 3.2 percent.

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