Embattled sports retailer JJB this morning said it expected to raise around £65m from a new share placing.
The retailer, which is in the midst of a proposed company voluntary arrangement in a bid to shore up the business, said that it was in “constructive discussions” with its major shareholders in relation to their continued support.
Funds raised will be used to give the Wigan-based firm working capital as it negotiates a restructuring of the company.
The firm has already raised £31.5m as the result of a share placing three months ago.
JJB said it would provide further details of its revised business plan, anticipated funding requirements and proposed financing arrangements as early as tomorrow.
samantha.mcclary@estatesgazette.com
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