Mon, 07 Mar 2011 | COMMERCIAL PROPERTY
Sportswear retailer JJB Sports is attempting to stave off administration by agreeing a plan with the landlords of some of its shops.
The chain has approached the landlords of certain shops with a turnaround plan, which could include closing up to 89 stores.
If the landlords agree to the proposed changes, they could be offered up to a total of £7.5 million in lower rent payments.
JJB chairman Mike McTighe said to the BBC that the success of the plan - which will see 43 stores close in 2011 - "depended on the support of landlords, shareholders and its bank."
JJB also announced that 46 more stores could close if they do not improve their performance before April 2013.
Landlords will be given the option of taking their premises back from JJB, and, according to the firm's accountants, KPMG, would get far better returns under this proposed Company Voluntary Arrangement than if JJB fell into administration.
If the company did fall into administration, creditors could get back just over one pence out of every pound, as opposed to the 29.2 pence per pound that the Company Voluntary Arrangement could offer.
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