JJB chair David Jones repays Mike Ashley’s 1.5m loan
JJB Sports executive chairman Sir David Jones today sought to arrest the crisis engulfing his leadership at JJB Sports by repaying a controversial 1.5m personal loan from sportswear rival Mike Ashley.
Jones, a retail veteran best known for his distinguished career at Next, had been Agatha Ruiz Dela Prada E Shop under pressure all week to explain his decision to borrow money from a competitor. The men had offered different versions of events, with Ashley claiming that the loan, made some time in the autumn of 2007, was agreed after Jones joined JJB in October that year, while JJB claimed it was arranged before. The distinction is important because if the loan was made after Jones joined it might have constituted a conflict Authentic Prada Bag For Sale Philippines of interest. During the week legal proceedings were threatened by both parties.
The row had threatened Jones’s position at JJB which narrowly avoided bankruptcy earlier this year and is trying to win support for a 50m fundraising.
Separately, the fashion chain All Saints has secured new financial backing, ending the turmoil caused by the collapse of the Icelandic banks that owned its shares and provided funding.
The retailer said it had agreed 30m of new loans from Lloyds TSB that would replace its previous relationship with the now nationalised Landsbanki.
Despite the financial turmoil engulfing its backers, All Saints, named after All Saints Road in Notting Hill, London, has won a cult following for its edgy fashions, with like-for-like sales up 31% so far this year.
Fashion entrepreneur Kevin Stanford, who co-founded Karen Millen, has been key to All Saints’ success, but the maelstrom that hit Iceland’s banking system resulted in a court battle between Stanford and fellow shareholder, the collapsed Icelandic bank Kaupthing.
Stanford led the acquisition of All Saints six years ago prada replica handbags, taking a 65% stake and becoming executive chairman. But after the collapse of minority partner Baugur, Authentic Prada Americas Cup Sneakers he sought to issue new shares to an outside investor to fund expansion. Are All Prada Products Made In Italy That move was blocked by a high court injunction on behalf of Kaupthing’s resolution committee, which is overseeing creditors’ interests following the bank’s failure.
Kaupthing Authentic Prada Gauffre Authentic Prada Bag For Sale Ph had been All Prada Nylon Bags able to intervene, winning power of attorney over Stanford’s shares, because the businessman had pledged them as collateral for a personal loan from the bank. Kaupthing is believed to have told the court he owed more than 250m. However the case was Apertura Outlet Prada Montevarchi settled at the start of this summer, with both sides retaining an interest in the business. Stanford is still Authentic Prada Handbags Online Australia the chairman but it is not clear if his shareholding remains the same and he could not be reached for comment.
“This Baby Prada Shoes Uk deal strengthens our financial foundations and gives us a great platform to develop and expand our business,” said Stephen Craig, All Saints chief executive.
Deja un comentario