UK sporting goods retailer JJB Sports has approved a GBP65m (US$106m) fundraising plan to help restructure the firm.

JJB told the London Stock Exchange that a resolution to approve the proposed placing of 162.5m shares was duly "passed without amendment" at a general meeting.

The retailer launched the fundraising drive at the start of this month. It hopes the funds will enable it to move ahead with the next stage of its restructuring plan.

The fundraising comes after the retailer agreed a company voluntary arrangement (CVA) deal with landlords earlier this month, to accept a reduction in rent payments in return for a share in the value of a restructured JJB.