JJB Sports chief executive Keith Jones has visited the US to brief big shareholders in preparation for the retailer’s next round of fundraising.
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Jones met JJB’s shareholder Harris Associates and the Bill and Melinda Gates Foundation to discuss support for a rights issue vital for its survival. He has also met UK-based shareholder Crystal Amber.
The embattled sportswear group is preparing for what will be its third plea for funds from shareholders.
It secured £100m in October 2009 and a further £31.5m last month.
JJB declined to put an exact figure on what is needed but it will be between £31m and £110m. The retailer has said it could run out of funds by the end of this month.
JJB is expected to detail the latest fundraising plans next week.
A CVA, which JJB also needs to prevent it going into administration, looks likely to be approved.
JJB chairman Mike McTighe said: “I believe we’ll get it through. We’ve tried to listen to landlords and offer them something that acknowledges the hit they’re taking.”
The retailer, which proposes paying 55% of the contracted rent on 43 stores that it plans to close by April 2012 and 46 stores it is reviewing, has offered landlords between £2.5m and £7.5m, based on JJB’s performance, in April 2013.
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