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D-Day for JJB sports

Monday will see the results of JJB Sports attempt to renegotiate the terms of leases on an array of shops across the country. Needing at least 75% backing from creditors the company is looking to cancel all existing leases and move towards monthly rental payments for at least 12 months on shops which are still open for business. The company's bankers, Barclays, Lloyds and Kaupthing are likely to support the deal although this is by no means a certainty.

A similar arrangement attempted by Stylo earlier this year was rejected by creditors and the company was forced into administration. With JJB Sports employing around 12,000 people in the UK in more than 400 shops, the demise of the operation would be a significant blow to the UK retail sector. Despite the fact that JJB Sports directors have managed to improve survival chances over the last few weeks, with a significant disposal and debt renegotiation, the deal with landlords is paramount and will make or break the company.

There will also be a number of UK retailers monitoring the JJB Sports situation very carefully because the outcome of Monday's meeting could have far-reaching consequences for the sector as a whole. Will JJB sports survive or will landlords decide that enough is enough?

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