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JJB Sports wins £65m lifeline

JJB Sports’ shareholders have approved the retailer’s £65m fundraising.

In an emergency general meeting investors backed the capital raising, which will be carried out via a firm placing and open offer.

The approval is the final step in JJB’s survival bid which included securing a CVA, enabling it to shed 43 stores over the next year.

The funds will be invested in implementing the sports retailer’s revised business plan. It wants to revamp its store portfolio and invest in maintenance and IT.

JJB Sports will start trading on AIM today.

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