JJB finalises rent proposals Tue, 7th April 2009 JJB finalises rent proposalsTuesday April 7th 2009
 JJB Sports has finalised its terms for proposed temporary monthly payment of rents at around 250 of its stores, as well as proposed compromise terms with landlords of some 140 closed branches. Under the proposals the landlords of the closed stores would be able to claim against a fund of £10m, which will make payments in September and December 2009. The retailer has agreed short and medium term loans totalling £50m, with Barclays and Bank of Scotland respectively, to be available once shareholders and creditors agree the terms. Commenting on the CVA Proposal and the new financing arrangements, Sir David Jones, Executive Chairman, says: "Following the initial announcement of our CVA Proposal we have had a number of discussions with some of our key stakeholders, including our landlords. We are very encouraged by the initial feedback from these discussions with key stakeholders and hope their continued support will ultimately allow us to focus on realising the full potential of the Group's core sports retail business. The Board is strongly of the view that the CVA proposal is in the best interests of the Group and its stakeholders as a whole." Share this article
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