JJB Sports’ management team has less than two weeks to finalise a restructuring plan.

The ailing retailer is understood to have a deadline of September 5 to submit its plans to its board, according to The Independent, as it struggles to cope with its rising debts and plummeting sales. It is unclear whether JJB Sports’ main lender Lloyds TSB has imposed the deadline.

The retailer warned last month that it is in need of fresh funds, just three months after US retailer Dicks Sporting Goods invested £20m into the business.

Time is running out for the retailer as quarterly rent day on September 29 looms. Restructuring is looking increasingly likely at JJB and it is understood that its four biggest shareholders, Invesco, Harris Associates, Crystal Amber and the Gates Foundation, are involved in negotiations.

Bob Corliss, who runs a US based advisory firm CorlissMoore & Associates, starts as JJB’s chairman on Saturday. Restructuring specialist Corliss has been involved in two bankruptcy situations in the past five years.

It is understood that Steve Moore, a business partner at Corliss’ firm, is also advising the struggling sportswear chain.