* CVA proposal backed by creditors in vote
* Backing means JJB will avoid administration
* Shares up 35 percent at 1224 GMT
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LONDON, March 22 (Reuters) - Struggling British retailer JJB Sports has been saved from administration for the second time in two years by agreeing a restructuring with landlords.
Unsecured creditors of the Wigan, northwest England-based sportswear retailer, which has America's richest man Bill Gates as a 5 percent shareholder, backed its proposed company voluntary arrangement (CVA) at a meeting on Tuesday.
"The CVA proposal was approved without modification by a majority of more than 75 percent in value of the unsecured creditors of each of the company and (subsidiary) Blane (Leisure) present at the meetings in person or by proxy," the company said.
JJB's landlords will now allow it to close 43 stores by April 2012, with the option of closing a further 46 by April 2013. They will also accept rent at 55 percent of current levels on the 89 stores and accept rent on a monthly rather than quarterly basis.
Closing 89 stores over the next two years suggests the firm could shed around 2,300 of its 6,100 total staff.
JJB will retain a core group of 147 stores and provide landlords with a share of up to 7.5 million pounds ($12.3 million) in two years time.
JJB can now press ahead with plans to revamp stores, financed through a proposed 65 million pounds equity fundraising and a 25 million pounds loan agreement with Bank of Scotland. These plans were dependent on the CVA being approved.
Shares in JJB, which prior to Tuesday had lost 93 percent of their value over the last year, were up 35 percent at 34.5 pence at 1224 GMT, valuing the business at about 24 million pounds. (Reporting by James Davey, editing by Paul Sandle) ($1=.6103 Pound)