SPORTSWEAR chain JJB unveiled new plans for the business after completing a £83.5m sale of its health clubs.
Wigan-based JJB, which has sold the gyms to founder Dave Whelan, will relaunch its shops with a new range of sports goods under the “Serious about Sport” banner.
The firm said it was granted £50m in working capital from lenders to keep it in business.
The support depends on JJB striking a deal with landlords under a company voluntary arrangement.
JJB aims to cut an estimated annual rental bill of £15m for 140 stores closed last year to help secure the future of its 250 remaining sites.
Executive chairman Sir David Jones said: “We have taken the first step in securing JJB’s long-term future.”