Page last updated at 08:35 GMT, Tuesday, 17 March 2009

JJB Sports gets more time on debt

JJB Sports sign
JJB has been in protracted negotiations with its creditor banks

Struggling sportswear retailer JJB Sports has been given more time to renegotiate its estimated £60m debts.

The firm had been due to sign a new agreement with banks including Barclays and HBOS on Monday, but the deadline has now been extended to 24 March.

JJB also confirmed that it was continuing talks over the sale of its JJB Fitness Clubs business.

The Wigan-based company put two other subsidiaries - the OSC and Qube chains - into administration last month.

JJB denied that the group was at risk of going into administration.

It said it was "exploring a number of solvent restructuring options which would be undertaken with the support of its lenders".

Reports suggest that JJB founder and former owner Dave Whelan is interested in buying the 52-strong chain of fitness clubs.

Mr Whelan, the owner of Wigan Athletic Football Club, sold his stake in JJB in 2007.



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SEE ALSO
JJB Sports firms shed 438 staff
19 Feb 09 |  Business
JJB firms set for administration
10 Feb 09 |  Business
JJB bank deal to cost 8m in fees
19 Jan 09 |  Business
JJB set for loss as sales slide
14 Jan 09 |  Business
JJB Sports' retail sales plunge
10 Dec 08 |  Business
JJB Sports eyes assets sell-off
14 Oct 08 |  Business

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