Ailing retailer JJB Sports secured support for a £65m fundraising after shareholders waved through the crucial move.
The cash-call, which received the backing of more than 99% of shareholders, will allow the retailer to press on with the next stage of its restructuring plan as set out in a deal with landlords and creditors earlier this year.
The emergency rescue plan will see JJB close 43 unprofitable stores, place a further 46 under review and move to monthly rental payments.
JJB had already secured the support of its four biggest shareholders for the fundraising, including the Bill and Melinda Gates Foundation.
The move, which follows an additional £31.5m raised earlier this year, also guarantees a banking facility offered by lenders Bank of Scotland until 2014. Some of the additional cash will be used to roll out a new store format, which has so far been introduced at six outlets.
The work, including new fixtures and fittings and a better store lay-out, will cost £6.1m in the current financial year and target 22 stores. A further 28 shops will be overhauled in the following year at a cost of £7.8m.
JJB said trading in the six transformed stores continued to outperform the remainder of the estate, with sales 16% above the company average for the period between November 1 and April 3.
