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Boss Of JJB Sports Quits Amid Trade Warning

(c) Sky News 2012

Shares have plunged in JJB Sports after the company admitted it had failed to cash in on the Euro 2012 football championships.

The resignation of the retailer's chairman Mike McTighe was announced at the same time as its latest trading statement, which resulted in the company losing up to 29% of its value at one stage.

It had reported like for like sales down 8% for the 22 weeks to July 1.

JJB (LSE: JJB.L - news) blamed the poor weather - given the record rainfall for April and June - and the fact Euro 2012 failed to provide a boost to sales of replica kits.

The company said it had appointed a new chairman, Robert Corliss, who would take over from September 1.

JJB Sports has been losing money for more than three years - £100m in the last year alone- suffering from the success of larger rivals including JD Sports.

In April, US retailer Dick's Sporting Goods announced it was to invest £20m in the company and exisiting shareholders contributed another £10m as it looked to cut costs and turn its fortunes around.

Analysts suggested the performance over the latest trading period was a concern, given the number of high profile sporting events taking place including not only Euro 2012 but Wimbledon and the run-up to the London 2012 Olympic Games.