American retail group Dick's Sporting Goods is to invest £20 million in new shares, with an option to take a further £20 million in convertible loan notes, while an additional £10 million will be generated by current shareholders IAML, Harris Associates, Crystal Amber and BMGFT exercising existing warrants, in an attempt to turn the beleaguered business around. The scale of this task was set out today in the group's full results for the 52 weeks ending January 29th 2012, which showed a revenue decline of 21.7 per cent and a loss before tax of £101.1 million. Much of the decline in sales was as a result of JJB's store reduction programme which has seen 41 outlets close during the first phase of the retailer's company voluntary arrangement, yet underlying trading has remained weak with like-for-like sales (LFL) for the first nine weeks of the new year down 5.7 per cent.