GOALS Soccer Centres, the five-a-side football pitch operator at the centre of an accounting investigation, has said the value of the error could be "materially higher" than previously estimated.

The East Kilbride-based firm, which put itself up for sale last month, said it remains unable to complete the accounting overhaul and publish its full year results by today - meaning the shares, which had been suspended since March, are officially delisted from the stock exchange.

Executives at Goals Soccer Centres, which has received a £4 million bid from Mike Ashley's Sports Direct, added: "The actual liability may be materially higher than that previously announced, dependent on the approach and working assumptions that could be adopted by HMRC in assessing the misdeclaration."

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It also revealed directors will look at options to allow shareholders to continue trading once the accounting scandal is resolved through an "off-market trading facility which match trades in the ordinary shares between willing buyers and willing sellers, acting as a central point for negotiation between UK stockbrokers".

Sports Direct owns 19.83 per cent of the firm.

Historical accounting mistakes, which are estimated to be worth £12 million, are currently being examined and the listing of the company's shares on the Alternative Investment Market is expected to end.

Low-price fashion chain Forever 21, a one-time hot destination for teenage shoppers that fell victim to its own rapid expansion and changing consumer tastes, has filed for Chapter 11 bankruptcy protection.

The privately held company, based in Los Angeles, said Sunday it will close up to 178 stores in the US.

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As of the bankruptcy filing, the company operated about 800 stores globally, including more than 500 stores in the US.

The company said it would focus on maximising the value of its US stores and shut certain international locations.

Forever 21 plans to close most of its locations in Asia and Europe but will continue operating in Mexico and Latin America.

"The decisions as to which domestic stores will be closing are ongoing, pending the outcome of continued conversations with landlords," it said in the statement.

Neil Woodford, once considered the UK's brightest and best stock picker, is on the verge of being shown the door by the trust that bears his name.

The board of the Woodford Patient Capital Trust (WPCT) said it was speaking to other fund managers to potentially replace Mr Woodford, as it revealed that the value of the fund fell 20.9% between June 28 and September 26 to £591 million.

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The company that oversees the Equity Income fund said resumption of customers being able to access their money will not be until at least December, but may stretch into the new year.

On Mr Woodford's future, WPCT chairwoman Susan Searle said: "The board continues to evaluate the position of the portfolio manager (Mr Woodford) and, as previously announced, is talking to other potential managers.

"This process can take time and ultimately the board's decision will be that which is in the best interests of protecting long-term value for shareholders."

Mr Woodford apologised for the problems at the fund.

He said: "Shareholders have endured an extremely disappointing six-month period, for which I am very sorry.

"While shareholders can be forgiven for thinking there are no positives, I continue to believe that the majority of the businesses we have invested in are making good progress, in line with our pre-agreed milestones."

Revealing its half-year results, the company also said net asset value was £807 million in December last year, falling to £654 million by June 30 - a 26% decline.