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Monday, 14 March 2011

JJB Sports Looking to Shareholders

JJB Sports is to ask shareholders for an extra £65m as the retailer fights for survival.

This follows the blow last week that its rival, JD Sports, had pulled out of talks to buy the chain.  Shares fell 10% on Friday as a result with each party blaming the other for the lack of progress.

However, JJB said in a statement on Monday that it was in "constructive discussions with its major shareholders in relation to their continued support".

Also there would be a "revised business plan, anticipated funding requirements and proposed financing arrangements on or around 15 March,"

JJB, which operates nearly 250 stores and employs 6,100 staff is in the process of trying to push through a second CVA so that it can close down more of its stores.

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