The retailer, which on Tuesday revealed there had been a number of expressions of interest in its fitness clubs and filed notice of intention to appoint administrators to its troubled lifestyle division comprising the Qube and Original Shoe Company chains, said on Thursday that its “standstill” agreement with lenders has been extended until March 16.
JJB has agreed to pay lenders a fee of£166,500, to be offset against previously agreed fees. The balance of the approximate£8m fees is scheduled to be paid next month and in April.
Singer Capital Markets analyst Matthew McEachran said the combination of extended lending, a potential sale of the fitness clubs and administration of the lifestyle arm were “all helpful” for JJB.
Last month Sir David Jones became JJB’s executive chairman and Peter Williams was appointed executive director to lead attempts to turn around the retailer.