JJB Sports PLC said it would propose the British equivalent of a Chapter 11 bankruptcy to its creditors and shareholders and planned to close 45 stores, according to Reuters.

The retailer has identified 150 stores that are key to its restructuring and is reviewing another 50 for possible closure, the news wire reported. According to the company's website, it's 250 stores average 13,000 square feet.  

A “company voluntary arrangement,” or CVA, would allow the British sporting goods retailer to continuing operating even while declaring insolvency. The company used a CVA to shed 140 store leases in 2009 and said if it can’t secure new funding it will be unable to continue as a going concern.

Just last week, the JJB confirmed press reports that it was in very preliminary talks to be acquired by JD Sports Fashion plc. The company also disclosed that Prudential plc group of companies had acquired 9.95% of its shares.