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JJB Sports to fight for new rent proposal

first_img Tags: NULL KCS-content Share whatsapp JJB Sports to fight for new rent proposal Show Comments ▼ More From Our Partners A ProPublica investigation has caused outrage in the U.S. this weekvaluewalk.comNative American Tribe Gets Back Sacred Island Taken 160 Years Agogoodnewsnetwork.orgMark Eaton, former NBA All-Star, dead at 64nypost.comPolice Capture Elusive Tiger Poacher After 20 Years of Pursuing the Huntergoodnewsnetwork.orgInside Ashton Kutcher and Mila Kunis’ not-so-average farmhouse estatenypost.comBrave 7-Year-old Boy Swims an Hour to Rescue His Dad and Little Sistergoodnewsnetwork.orgRussell Wilson, AOC among many voicing support for Naomi Osakacbsnews.comAstounding Fossil Discovery in California After Man Looks Closelygoodnewsnetwork.orgSupermodel Anne Vyalitsyna claims income drop, pushes for child supportnypost.com980-foot skyscraper sways in China, prompting panic and evacuationsnypost.comKiller drone ‘hunted down a human target’ without being told tonypost.comPuffer fish snaps a selfie with lucky divernypost.comUK teen died on school trip after teachers allegedly refused her pleasnypost.comMatt Gaetz swindled by ‘malicious actors’ in $155K boat sale boondogglenypost.comI blew off Adam Sandler 22 years ago — and it’s my biggest regretnypost.comFeds seized 18 devices from Rudy Giuliani and his employees in April raidnypost.comFlorida woman allegedly crashes children’s birthday party, rapes teennypost.comBiden received funds from top Russia lobbyist before Nord Stream 2 giveawaynypost.comcenter_img JJB SPORTS was heading for a battle with its landlords and other retailers after confirming its company voluntary agreement (CVA) is to include the renegotiation of two-fifths of its rent payments. The company has warned its biggest landlords, including British Land, Henderson and Prudential, that if its terms for discount rent and tenancy breaks for loss-making shops are not accepted, the entire firm will go down. The struggling sports retailer, which used a similar tactic when faced with bankruptcy in 2009, is also looking to close 45 stores this year and a possible 50 further outlets by the end of 2012. KPMG, which is advising JJB, has begun talks with landlords and hopes to reach a deal within weeks. The Wigan-based firm needs to win support for the CVA from three-quarters of its unsecured creditors and half of all shareholders to avoid administration.Liz Peace, chief executive of the British Property Federation, said the deal could face stern opposition from property owners. “What has concerned landlords are past cases where a retailer had released a store through a CVA and then returned to the same locality shortly afterwards to take a new store on reduced rent,” she said.Meanwhile, one large retailer has threatened to withhold its own rent payments if landlords accept JJB’s terms, according to the weekend reports. The unnamed retailer is said to have called an emergency meeting with other high street names to fight JJB’s plans.Rival sportwear firm JD Sports is thought to have put its takeover advances on hold while JJB garners support for its CVA rescue package. In December, investors including Bill Gates backed a £31.5m fundraising to keep JJB Sports alive after dire trading in the run-up to Christmas, but the firm has warned that further cash injections will be needed. The firm’s lender, Bank of Scotland, has already agreed to give the it leeway in regards to its existing debt facilities. Ad Unmute by Taboolaby TaboolaSponsored LinksSponsored LinksPromoted LinksPromoted LinksYou May LikeMisterStoryWoman Files For Divorce After Seeing This Photo – Can You See Why?MisterStoryUndoTotal PastThe Ingenious Reason There Are No Mosquitoes At Disney WorldTotal PastUndoSerendipity TimesInside Coco Chanel’s Eerily Abandoned Mansion Frozen In TimeSerendipity TimesUndoBrake For ItThe Most Worthless Cars Ever MadeBrake For ItUndoZen HeraldNASA’s Voyager 2 Has Entered Deep Space – And It Brought Scientists To Their KneesZen HeraldUndoBetterBe20 Stunning Female AthletesBetterBeUndoAlphaCute30 Rules That All “Hells Angels” Have To FollowAlphaCuteUndoDefinitionDesi Arnaz Kept This Hidden Throughout The Filming of ‘I Love Lucy’DefinitionUndoTaonga: The Island FarmThe Most Relaxing Farm Game of 2021. No InstallTaonga: The Island FarmUndo Sunday 13 February 2011 10:44 pm whatsapplast_img read more

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