Landlord’s backing gives boost to JJB
The Wigan-based company plans to close up to 89 unprofitable stores over the next two years through a company voluntary arrangement (CVA) as it tries to stave off administration.
It has offered landlords of stores that are shut a sweetener of up to £7.5m in cash or shares in two years depending on its performance.
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Hide AdOne of its biggest landlords, FTSE 100-listed Hammerson which owns six stores that may be closed, has given its support to the scheme ahead of shareholder and creditor votes tomorrow, said The Sunday Times.
Hammerson said: “We have held extensive discussions with JJB and we are comfortable that this restructuring affects all creditors equally.”