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JJB CVA gets landlord Hammerson's backing

JJB Sports’ proposed company voluntary arrangement (CVA) has been bolstered after it won the backing of key landlord Hammerson.

Hammerson, which owns six of the affected shops, told The Sunday Times it would support the CVA proposal ahead of tomorrow’s vote.

The ailing sportswear chains’ “sweetener” to landlords, which would see supportive landlords offered up to £7.5m in a cash kick back if the sportswear retailers’ share price recovers, has influenced Hammerson’s decision to back the CVA plan.

Fellow landlord Peel Holdings also gave JJB’s proposal the green light last week.

JJB Sports plans to shed 43 stores by April 2012 and is reviewing the future of a further 46 stores which it will decide whether to close over the next two years. The retailer will pay landlords 55% of the contracted rent on a monthly, rather than quarterly basis.

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