Troubled sports retailer JJB Sports has said it expects to reveal the results of its company voluntary arrangement (CVA) meetings later today.

Creditors are to vote on the retailer’s CVA today (Tuesday), which would give it a life-saving boost by enabling it to shed  43 stores by April 2012. It is reviewing the future of a further 46 stores which it will decide whether to close over the next two years. The retailer will pay landlords 55% of the contracted rent on a monthly, rather than quarterly basis.

In a statement to the Stock Exchange JJB said: “JJB Sports notes the recent rise in its share price and the press speculation relating to the CVA Proposals and the likelihood of approval of the CVA Proposals by creditors and shareholders at meetings proposed to be held at 11.00 a.m. and 2.00 p.m. respectively today.

 “The Company will not know the outcome of the meetings to consider, and if thought fit approve, the CVA Proposals until after voting has finished and the votes have been counted.

“The Company will announce the results of the meetings as soon as this information is available.  The Company currently expects to release the results of the meetings later today.”

JJB must secure approval from 75% of its creditors for the CVA to pass. The retailer conducted its first CVA in 2009.

JJB Sports’ proposed CVA was bolstered at the weekend as landlord Hammerson said it would support it. The ailing sportswear chain’s “sweetener” to landlords, offering up to £7.5m of its market value if it recovers or is taken over, has influenced Hammerson’s decision to back the CVA plan.

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