Invesco wants to avoid penalties in JJB saga

US fund manager Invesco is tired of waiting for a turnaround at JJB Sports and is preparing a move to protect its investment in the struggling sportswear retailer, the Sunday Times claims.

US fund manager Invesco is tired of waiting for a turnaround at JJB Sports and is preparing a move to protect its investment in the struggling sportswear retailer, the Sunday Times claims.

The group has tabled a proposal to buy JJB Sport's outstanding debt from Lloyds Banking Group. The scheme, which the Sunday Times says was discussed at a company board meeting last week, would place Invesco in a powerful position in the battle over the future of JJB, which has been limping from profit warning to profit warning for some time despite being thrown a lifeline in April by US operator Dick's Sporting Goods.

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