The road to Wigan Pier from American subprime mortgages is winding and difficult to map. But the effect of the financial crisis on JJB Sports, based in the Lancashire town, was brought home on Friday when it revealed a dispute with its bank.

HBOS believed its client was in breach of lending terms. JJB demurred. The auditor – after heated discussions with directors – raised it as an issue that could threaten the retailer’s viability. The shares fell by half. That much is straightforward.