JJB unveils rescue plan

JJB Sports yesterday said it has secured key support from its bank and major shareholders as it battles to avoid administration. The loss-making retailer said investors including the Bill and Melinda Gates Foundation had agreed to back its latest £65m fundraising, while Bank of Scotland is also prepared to extend £25m in working capital. However, the support is conditional on a key vote next week when JJB will ask landlords and shareholders to back controversial proposals to close up to 89 unprofitable stores.