The best of the fashion business-related headline from weekend’s newspapers…
JJB Sports’ proposals for a Company Voluntary Agreement are likely to voted through in a meeting with creditors, including landlords, today, according to The Sunday Times.
However The Mail on Sunday said that a last minue revolt by small independent property owners could turn the vote against JJB.
Over the weekend the British Property Federation praised the JJB Sports’ attempts to agree the CVA but called for tigher controls over insolvency practices, warning that CVAs should only be used when a company is on the brink of insolvency and not before.
Dave Whelan, who bought JJB Sports’ fitness clubs in a £80m deal last month, is in talks to buy the rights to the Slazenger brand from the sportswear business for around £10m, according to The Sunday Times.
The newspaper also said that Whelan, who founded JJB Sports, was also in talks to buy a helicopter from the group, after the group said it planned to dispose of non-core assets earlier this year.
Sainsbury’s chief executive Justin King is in line for a £6 million payout after the the supermarket achieved the best sales growth for five years, according to The Sunday Times.
King is expected to pick up £4m in bonuses and shares, which would add up to £6m after salary, pension and benefits are added, pending approval by Sainsbury’s renumeration committee.