JJB Sports’ shareholders have approved the sportswear group’s CVA proposals, following the green light for the plans from the group’s creditors on Monday.
A JJB Sports statement said: “The company is pleased to report that the CVA Proposal was approved by more than 50% in value of the members of each of the company and Blane [a JJB Sports subsidiary] present in person or by proxy at the CVA members’ meetings held this morning.
The CVA involves JJB Sports ending leases on 140 shops early and paying rents on a further 250 on a monthly rather than quarterly basis.
Approval of JJB Sports’ CVA was a necessary condition of continued support from JB Sports’ lenders, without which the group would have fallen into administration.
JJB Sports chairman Sir David Jones said: “We are delighted by the result of the meetings and the support given to the company by our creditors on Monday and our shareholders today. The approval of the CVA proposal by creditors and by shareholders is a major step forward in the board’s strategy to secure JJB’s long term future by creating a stable financial platform for the revitalisation of our core sports retail business”.