04:39 ET<\/span>
\n<\/span><\/p>\nTroubled retailer JJB Sports has set out a rescue plan involving revamping stores, closing loss-making outlets and investing online.<\/p>\n
The 250-store chain also confirmed it would seek a further \u00a365m from shareholders to fund the restructuring.<\/p>\n
JJB, which had been in merger talks with rival JD Sports, said the new-look operation would be based around the success of six trial stores.<\/p>\n
These stores were refocused to appeal to keen amateurs and sporting families. <\/p>\n
Sales at these stores have been running at about 16% above the company average, JJB said in a statement.<\/p>\n
The company also said that it had reached agreement in principle with its major shareholders – Harris Associates, Crystal Amber, Invesco Asset Management and the Bill & Melinda Gates Foundation Trust – to support a \u00a365m fundraising. <\/p>\n
JJB has already raised an extra \u00a331.5m from shareholders this year, and tapped investors for \u00a3100m in 2009. <\/p>\n
The company, which employs 6,100 staff, has been in a fight for survival following a fall in sales.<\/p>\n
Last week, JD Sports abandoned takeover talks with JJB, citing a lack of information from its rival that would have enabled it to progress with a formal offer.<\/p>\n
JJB responded by saying JD’s takeover proposal was “highly conditional and lacking sufficient certainty to be deliverable”.<\/p>\n
JJB shares began the trading day up 3.7% at 14p.<\/p>\n<\/p><\/div>\n<\/p>\n
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