Trading of shares have been suspended as the large clothes and sports equipment retailer JJB, prepares to enter administration.

Suspension of the shares will enable the company to write of much of its debt. The fate of the 180 stores and 4000 employees is in the balance as the company looks for a potential buyer. Rival sports retailer Sports Direct have been reported as being reported a likely buyer, although further expansion by the firm would need to be considered by the competition authorities. 

JJB started looking for a buyer in August but there were no suitors interested in buying the group as a whole, instead making offers for parts of the business, its assets and brands. JJB's shares have been worth £1p ever since

This is a huge turnaround in fortune for the well-known sports retailer. In 2010 the company was valued at £500m, today at just £1.2m.