BELEAGUERED sportswear chain JJB Sports said it had gained further breathing space from lenders as it seeks to raise cash by selling its health clubs.
Late last year, the firm agreed with Barclays, HBOS and Icelandic bank Kaupthing that a £20m bridging loan from Kaupthing need not be repaid in full by mid-December.
JJB, which has debts of about £60m, instead paid out £20m to be shared between the three banks.
Wigan-based JJB said the arrangements had now been extended until March 16 – subject to the lenders being satisfied with progress in selling the health clubs.
Earlier this week, JJB announced plans to appoint administrators to its loss-making lifestyle division – putting 800 jobs at risk.
