Harris Associates, a Chicago-based hedge fund company, has confirmed that it is now the largest shareholder in the fledging British-based sportswear retailer, JJB Sports.

According to a regulatory filing, Harris Associates now has 18.5 percent stake in the company. Another hedge fund firm, Crystal Amber also has a significant stake in the company. The Guernsey-based company is the second largest shareholder with 15.4 percent.

Last year, JJB Sports was on the brink of bankruptcy but with the investment of more than $150 million from various investors kept it afloat. It has reduced its fiscal year 2010 loss to about 58 percent or $100 million.

This development served as great news for the sportswear retailer as it aims to regain its footing in the competitive market. The influx of funding would make it possible for them to come up with a new line of sportswear for the target customers, with a focus on branding towards markets that the company had previously not catered for, such as plus sizes and sports underwear, which other businesses developed.