JJB Sports wins CVA vote to stave off its collapse
Wednesday 23 March 2011
JJB Sports, the troubled sportswear retailer, lived to fight another day yesterday after creditors approved an insolvency procedure to safeguard its immediate future by shedding up to 89 stores and slashing its rent bill.
More than 75 per cent of landlord creditors voted in favour of JJB's second company voluntary arrangement (CVA) in as many years, which the sports equipment chain had proposed to stave off collapse.
Under the terms of the CVA, the 246-store chain plans to close 43 stores by next April, plus a further 46 by April 2013 if its performance does not improve.
JJB offered the compromised landlords an additional payment of between £2.5m and £7.5m on 24 April 2013, dependent on its market capitalisation. The CVA's approval means that JJB can now push ahead with tapping its major shareholders for £65m through a firm placing and open offer. This is in addition to the £31.5m it raised in December. JJB has secured a new three-year, £25m working-capital facility with Bank of Scotland. KPMG supervised this CVA and the one in 2009.
auctionThe first 23 lots have now gone. But there are 22 more still up for grabs
healthJames Bond's alcohol consumption puts him at 'high risk' of cirrhosis, tremors... and impotence
musicPolice chief rejects rappers' claims that his work is as dangerous as law enforcement or military service
comedy'Fresh Meat' star sees off stiff competition from Alan Carr, David Mitchell, Graham Norton, Lee Mack and Sarah Millican to win top prize
tvSpoiler alert: Find out the result of a heated final show
Beatles rush out 'bootleg' album to defy EU copyright law
Harvey Weinstein reveals his secret weapon on-set
Now that an oil trader's drinking has got him sacked, will we all have to make do with an afternoon latte?
Chiwetel Ejiofor and Idris Elba get nods for Best Actor, which no black Brit has ever won
Geoffrey Macnab reviews The Desolation of Smaug - the meat in Peter Jackson's Hobbit sandwich
peopleWhat advice would David Cameron give to his younger self?
- 1 Nelson Mandela memorial: ‘Bogus’ sign language interpreter made mockery of Barack Obama’s tribute in Soweto
- 2 Mystery of Epping Forest 'big cat' is solved
- 3 French café starts charging extra to rude customers
- 4 Australia incest case: Severely deformed children found in remote farming community after generations of inbreeding
- 5 Physicists discover 'clearest evidence yet' that the Universe is a hologram
- < Previous
- Next >
iJobs Money & Business
£30000 - £45000 per annum + Bonus + Benefits: Harrington Starr: Regulatory Man...
£50000 - £75000 per annum + benefits + bonus: Harrington Starr: Pre-Sales / Cl...
£40000 - £60000 per annum + Bonus + Benefits: Harrington Starr: Regulatory Man...
£40000 per annum: Harrington Starr: Senior Network Engineer (CCNP, CCIE, Netwo...