JJB, the embattled sportswear retailer, is in talks with landlords to offload about 30 shops.
It wants to strike a deal with landlords to make termination payments to get out of its lease agreements or pay cut-price rents for the rest of the lease term.
If a deal can’t be agreed on a store-by-store basis with landlords, well-placed City sources said JJB was working on plans to ring-fence these stores and put them into a company voluntary arrangement or CVA. Under this plan the rest of the company would remain a solvent listed business.
A JJB spokesman confirmed it was looking at options to reduce outgoings in a way that would meet the needs of shareholders and secure the long-term future of the business.