JJB has until the end of the month to stave off collapse, as it yesterday unveiled details of the deal it hopes to strike with landlords and refinancing with banks to safeguard its future.

JJB said the critical vote by unsecured creditors on the company voluntary arrangement – an insolvency procedure which it will use to compensate landlords for the 140 retail stores it plans to close – will take place on 27 April in London.

If it is approved by 75% of its landlords, then shareholders will then get to vote on the CVA two days later, when a 50% vote in favour is required.

Under the CVA, landlords will be able to make a claim against £10m – equivalent to more than six months rent – which will be paid in two installments on 30 September and the balance on 31 December.

The Independent