Sportswear chain JJB Sports has been saved from going bust after landlords backed changes to its lease terms.
Landlords and creditors of JJB voted overwhelmingly in favour of a company voluntary agreement at a creditors’ meeting in London, which has saved it from collapse.
Wigan-based JJB Sports along with rival chains Sportsworld and JD Sports were among your least favourite shops in the latest Which? high street shops survey.
JJB Sports saved
The final votes still have to be confirmed but, before the meeting, around 99% of creditors voted by proxy in favour of the agreement.
JJB’s future looks secure as the agreement means it can offload lease liabilities on 140 closed stores and pay rent monthly at its remaining 250 shops for a year. JJB had warned it was facing administration if the agreement was not passed.
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© Press Association 2009
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