London -- A Thursday report by Reuters said that British sports retailer Sports Direct will buy 60 stores from struggling competitor JJB Sports.
Citing an unnamed source, Reuters reported that JJB said it is close to appointing KPMG as administrators to sell its assets and brands after failing to receive an offer for the entire company.
JJB operates 180 stores. Sports Direct is majority-owned by Mike Ashley, owner of the Newcastle United soccer club. He will pay about $48 million for the 60 stores.