It has also confirmed the sale of its health clubs business to JJB founder Dave Whelan for£83m and the dismissal of chief executive Chris Ronnie.
The CVA proposal will set out to settle claims on 140 closed stores and ask for monthly rent terms on 250 of its open retail stores.
JJB has secured another standstill agreement with its banks until the CVA proposal has been approved. If it is approved, JJB will receive a short-term loan from Barclays of£25m and a medium-term working capital facility of£25m from Lloyds.
Further changes to the board include the resignation of finance director David Madeley and the appointment of Richard Manning as legal director and company secretary.
JJB executive chairman Sir David Jones, who has been working since January to try to secure the future for the core retail business, said: “In announcing our series of measures today, we have taken the first step in securing JJB's long-term future after months of speculation.”
He added: “We have worked very hard with our advisers and lending banks to propose a robust, solvent restructuring of the group that we believe is in the best interests of all of our stakeholders.
"In addition to the continued support of our lending banks, our proposals require the approval of our unsecured creditors and our shareholders. Their support of our CVA proposal will ultimately allow us to focus on realising the full potential of the company's core sports retail business."