THE future of retailer JJB Sports and its 33 Scottish stores has been plunged into doubt after the company put itself up for sale and warned its shares could be worthless.

Wigan-based JJB, which has 180 stores UK-wide and employs 4000 people, has been struggling for several years in the face of a high street slowdown and competition from rivals.

Earlier this month, JJB ended its merchandise deal with Rangers Football Club.

The Glasgow club instead hooked up with Newcastle United football club owner Mike Ashley's Sports Direct.

Peter Smedley, analyst at Charles Stanley, said: "We suspect that JJB will now follow a similar process as Blacks Leisure: a likely administration process followed by the possible sale of parts of its business."

Shares in JJB, whose investors include Microsoft founder Bill Gates, plunged 83.5% or 1.98p to close at 0.39p.

This values it at just £1.6m.

JJB's shares hit a 2012 high of 17p in April after US retailer Dick's Sporting Goods and Bank of Scotland participated in a £30 million recapitalisation and renewed loan deal for the company. But Dick's wrote off the value of its investment earlier this month.

JJB revealed in mid July that trading had deteriorated and it needed to take on more funding quicker than expected.

It said since then, in the six weeks to August 26, like-for-like sales have fallen 3.3%.

JJB said it had not been able to raise more funds from investors and accountant KPMG would oversee its sale.

David McCorquodale, Edinburgh-based partner at KPMG, said: "I anticipate significant interest in the opportunity to acquire this leading multichannel authentic sports retailer."