Your browser is no longer supported. For the best experience of this website, please upgrade to a newer version or another browser.

Your browser appears to have cookies disabled. For the best experience of this website, please enable cookies in your browser

We'll assume we have your consent to use cookies, for example so you won't need to log in each time you visit our site.
Learn more

JJB CVA approved by creditors

JJB Sports’ creditors have approved the struggling sports retailer’s CVA proposal.

The retailer said more than 75% of its unsecured creditors, the requisite amount needed to approve the CVA, had given the go ahead to its plan to shed 43 of its stores over the next year. Full details of the vote will be revealed later today.

JJB Sports chairman Mike McTighe said: “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 also needs the approval of its shareholders which will vote on the proposal at 2.00pm today.

JJB’s needed its CVA to be approved to stave off administration. It offered landlords some form of kickback when JJB’s fortunes turned around, meaning big name companies such as Hammerson and Peel Holdings supported the proposal.

However, some landlords were still frustrated over the fact this is JJB’s second CVA in two years. Capital Shopping Centres said earlier this month it would not approve the CVA.

Have your say

You must sign in to make a comment

Please remember that the submission of any material is governed by our Terms and Conditions and by submitting material you confirm your agreement to these Terms and Conditions. Links may be included in your comments but HTML is not permitted.