JJB’s CVA proposal gets green light

JJB’s CVA proposal has been approved without modification by over 75 per cent of the company’s unsecured creditors, allowing it to press ahead with its plans to update stores along the lines of six trial outlets, close loss-making shops and invest more in its online business.

Says JJB chairman Mike McTighe: “I am delighted that our CVA proposals have been approved at the creditors’ meetings held earlier today.

“JJB continues to develop strong relationships with its landlords, who have supported the company in this process, and we look forward to working with them, alongside all our stakeholders, as we continue to achieve crucial milestones in our turnaround.”

JJB Sports offered landlords up to £7.5 million as an incentive to accept its CVA in which it proposes to close 43 of its 246 stores by April 24, 2012, with the possibility of a further 46 closures by April 24, 2013.

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