Landlord CSC to vote against JJB rescue bid
Thursday 24 February 2011
JJB, the beleaguered sportswear chain, has suffered a further blow after one of the UK's largest landlords said it would not support its plan to stave off administration.
Capital Shopping Centres (CSC), which owns the Manchester Arndale Centre, said it intends to vote against JJB's proposed company voluntary arrangement (CVA), an insolvency procedure that would enable it to shed up to 95 of its weakest shops. It has 250 shops in all.
Creditors do not expect to receive the CVA documents until the end of the month, but CSC's executive director, Kay Chaldecott, said CSC would vote against it. While CSC only leases four stores to JJB, its declaration is significant. JJB has said that its talks with landlords have been "open and constructive".
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