Landlords of troubled sportswear retailer Blacks Leisure have today voted in favour of a rescue deal that will preserve more than 4,000 jobs.

Creditors of the outdoor chain met to decide whether to support the planned company voluntary arrangement (CVA) aimed at ensuring the survival of a core section of the business.

The proposals involved asking landlords of 89 closed or closing retail stores to agree concessions on their financial claims on the firm.

Neil Gillis, Blacks chief executive, said: “We are delighted with the overwhelming support the CVA proposals have received today, being passed almost unanimously with votes in excess of 97% in both cases.

“This outcome is a powerful endorsement by the creditors of the company that the CVA is in the best interests of all concerned.

“The process addresses a long-standing issue at the heart of the group's difficulties in recent years – its tail of unprofitable stores – creating a significantly stronger business and, crucially, preserving over 4,000 jobs.

“With this support secured, we can now focus on realising the potential of the Group's market leadership position in outdoor retail once again.”

A pot of £7.25m has been set aside to compensate just over 100 landlords of retail stores and other sites, equivalent to around six months’ rent each.

In addition the proposals included new terms for Blacks’ remaining 291 stores to permit monthly payments for 18 months.

The retailer has agreed new banking facilities of £42.5m with its lender Lloyds Banking Group as part of the plan.

It would have a total of 314 stores and one distribution centre after the proposed restructuring, including a number of sites that are not included in the CVA.

The firm, which has headquarters in Northampton, will operate from 91 Blacks stores, 208 Millets outlets and 15 Freespirit shops.

Blacks made pre-tax losses of £18.1m in the 26 weeks to August 26, up from £6.7m previously, as its boardwear division and underperforming Blacks and Millets stores dragged the group down.