JJB seeks backing for rescue plan
Saturday 26 February 2011
JJB Sports submitted a final draft of its restructuring plan to its lender, Bank of Scotland, yesterday.
The struggling sportswear retailer needs creditors, including landlords, to back its second company voluntary agreement (CVA) in as many years or it is likely go into administration.
The company said it had spoken to landlords accounting for 47 per cent of its annual rent payment but did not say if any had backed the plan.
"With the continued support of all the company's stakeholders, we remain confident we can deliver a successful turnaround," JJB Chairman Mike McTighe said in a statement.
Capital Shopping Centres, the UK's largest shopping centre owner, has said it intends to vote against JJB's restructuring plan.
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