Sportswear retailer JJB Sports has confirmed it is exploring a number of solvent restructuring options, after press speculation it was considering a company voluntary arrangement (CVA) for some of its stores.

It follows a report in The Sunday Times newspaper that the retailer is looking to offload around 30 shops if it cannot strike better rental agreements with landlords.

The report said that under the CVA plan the rest of JJB's stores will remain a solvent listed business.

The company has also agreed a further extension of "standstill arrangements" with its lenders to 24 March.

The deal with its bankers is designed to give JJB time to complete the sale of its fitness clubs business, which should enable the company to pay off debts estimated at GBP60m.

JJB said it "continues to progress" with the disposal of its Fitness Clubs business, with its founder Dave Whelan widely linked to a deal.