JJB Sports, the struggling British retailer, negotiated an
extension to its banking arrangements until March 24, the day before quarterly
rent is due, while it continues talks to sell its fitness clubs. The sporting
goods retailer also said it was looking at a number of other restructuring
arrangements with the support of its lenders.
According to newspaper reports in the
founder David Whelan is in talks to buy the firm's fitness clubs for about 70
million pounds ($98 million). JJB is also said to be in talks with landlords in
a bid to close around 30 shops.
JJB said no additional fee was being charged by its lenders
for the latest extension of its banking arrangements.
