The chairman of JJB Sports described some of his company's shops as "like a third world country" yesterday, as the sportswear chain announced plans to close 72 of its 409 stores and cut 800 jobs.

The blunt assessment and drastic store reduction plan, which will cost up to £23m, came as the company reported a 29 per cent fall in profit before exceptionals to £33.8m in the year to January 27, on marginally higher sales of £812m.