JJB Sports, the struggling high street retailer, is embarking on a boardroom shake-up that will see chairman John Clare step down to make way for Mike McTighe, a former chief of global operations at Cable & Wireless.
Clare, a former chief executive at Dixons, has been at the company for a year after taking over as acting chairman from David Jones, who retired owing to ill health in January.
It is understood that McTighe has been recruited for his corporate restructuring skills.
JJB also plans to raise £30m after warning this month it was likely to breach the terms of a £25m loan. It is raising cash from leading shareholders Harris Associates, Crystal Amber and a foundation controlled by Bill Gates, the Microsoft founder.
The new funding will see the company through the crucial Christmas trading period. Like many retailers, it has been hit hard by the freezing weather and is pinning its hopes on clearance sales next week and through the new year.
view full post : JJB Sports names Mike McTighe chairman as it plans £30m fundraising
