Landlords' lifeline for JJB Sports
Stricken retailer JJB Sports was saved from administration after landlords backed its second rescue deal in as many years.
The group received critical support for survival plans that will see it close 43 unprofitable stores, place 46 under review and move to monthly rental payments.
More than 75% of JJB's creditors - the majority of which are landlords - and over 50% of shareholders approved a controversial company voluntary arrangement, which is an alternative to administration. The move offers hope for the chain and its 6,100 staff.
Mike McTighe, chairman of JJB, said the vote demonstrates the "solid support" for its turnaround.
But the British Property Federation warned that this should not be seen as a "green light" for retailers to dump failing stores.