How to buy Joes Sporting Goods
Sporting goods manufacturer Joes Sports has announced plans to sell the entire sports department at a loss.
“Joes Sports is planning to sell all of its sports department as a result of the Government’s $11.7 billion plan to restructure the company,” the company said in a statement.
The company said it had already sold most of its existing assets and would sell all new assets, which include the Australian Sports Fund, the Australian Olympic Committee, and its regional sports programs.
The sale of the sports department would be Joes’ largest single-day sale, it said.
Joes has struggled in the last three years, with the sport’s revenue falling from $1.4 billion to $1 billion and its stock down from $7 to $3.
The Australian Sports Funds has been struggling to recover from the global recession.