BGN Entrepreneur

Facing great pressure brought forwards by profits loss, JJB Sports has been forced to sell assets bought by previous chief executive Chris Ronnie, who was dismissed for misconduct. The retailer now faces a crunch vote with its creditors over the rescue proposal, which was drawn up by executive chairman Sir David Jones.
The rescue plan involved closing a third of JJB’s stores but would ensure the survival of the chain that otherwise faces administration. It requires the support by three fourth of creditors and if it fails the banks will move in to foreclosure of the business.
Mr. David Jones and his team are hoping that the creditors will agree to this rescue plan. They have spent more than a month canvassing creditors, which include some of UK’s largest property companies, JJB’s banks and sportswear suppliers.
Management is thought to be quietly confident that the deal will succeed, leaving the chain to continue to with about 250 stores. However, there is still a risk that a last-minute revolt by small independent property owners would upset the plan.

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