Bluedell 5,356 Posted February 13, 2009 Share Posted February 13, 2009 "JJB Sports , the sportswear retailer, said its lenders had agreed to extend until March 16 the terms of a bank deal struck in December subject to the progress it makes on the sale of its Fitness Clubs unit. JJB owes HBOS , Barclays and Kaupthing about 60 million pounds and entered into a standstill agreement with the three banks on December 10 and extended to February 12 in January. The extension now allows JJB to dispose of its Fitness Clubs business, proceeds from which could pay off most of its debt. At this point the lenders would then discuss JJB's requirements for permanent financial facilities. JJB said on Tuesday it had received several non-binding indications of interest in its Fitness Clubs business. It also said on Tuesday it had filed an intention to put its lossmaking shoe chains Qubefootwear and Original Shoe Company (OSC) into administration, which together make up the group's 77-store Lifestyle division. KPMG will be appointed as administrator of both companies unless a last minute buyer is found. Stripped of its Fitness Clubs and Lifestyle divisions JJB would be left with a core sportswear retail business." Looks like we could be keeping JJB for a while yet. 0 Quote Link to post Share on other sites More sharing options...
Zappa 0 Posted February 13, 2009 Share Posted February 13, 2009 Looks like we could be keeping JJB for a while yet. F*cking great. That's just what we need. We'd get more exposure in boots the chemist. 0 Quote Link to post Share on other sites More sharing options...
Frankie 8,186 Posted February 13, 2009 Share Posted February 13, 2009 Anyone want to buy a range of fitness clubs? 0 Quote Link to post Share on other sites More sharing options...
Recommended Posts
Join the conversation
You can post now and register later. If you have an account, sign in now to post with your account.