JJB sports has succeeede in persuading creditors to vote for a company voluntary arrangement (CVA) this week, thereby securing the future of the sportswear retailer.The sports chain needed at least 75% of its creditors to approve the plan for it to go ahead. On Monday more than 99% by value of creditors voted in favour of the CVA.JJB proposed to pay rent monthly instead of quarterly for the next 12 months on 250 of its trading stores.JJB currently pays rent on 140 closed shops.As part of the CVA it would stop paying rent on these stores altogether, but landlords will be offered part of a f 10m package that translates to around six months' rent for each of the closed stores.
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