DEATHWATCH: JJB still struggling as it asks for cheap rent
JJB Sports, previously reported on for being broke, continues to struggle financially and is now asking for cheap rent from their landlords.
JJB is offering them as much as £7.5m if they agree to a series of proposals that might save the retail company from going bankrupt.
At the moment, JJB are going to close 43 stores by 24th April 2012 with a further 46 shops due to close in 2013 if their performance doesn’t improve drastically.
As such, the sports retailer are asking for rents on these properties to be halved while hoping that they can move to monthly rather than quarterly rent payments for the next two years. Things sound pretty bleak, eh? If landlords agree to this proposal, then JJB are offering between £2.5m and £7.5m in cash or JJB shares.
Away from the depressing prospect of people losing their jobs, we have to wonder what else would happen if JJB closed forever.
Where would the people of Aspull buy their clobber from when they have a weddings and court appearance to attend?