JJB has been pulled back from the brink of collapse for the second time in a fortnight.

But after a night of last-ditch talks with its bankers, it emerged the deeply troubled sportswear retailer has been given only a month to save itself from going bust.

There are fears for 12,000 jobs if JJB goes bankrupt in another torrid week for the High Street as it emerged the axe could fall on 5400 workers in the Barratt and Priceless shoe shop chains.

JJB directors, led by the former Next boss David Jones, last night bought the company a further standstill agreement with its bankers until 16 March.

HBOS, Barclays and the Icelandic bank Kaupthing are between them owed £60 million.

At the end of January the banks agreed not to call in their loans to the company in return for payments of £8.3 million.

JJB paid £166,500 upfront then for a fortnight's grace and paid the same sum again last night to extend the standstill for another month, leaving £8 million still to be paid.

JJB's footwear chains Qube and the Original Shoe Company have already been placed into administration, and the latest extension granted to JJB is predicated on the company's ability to sell its 50-strong chain of fitness clubs around the country.

Sources indicate JJB directors are confident of getting as much as £70 million for the fitness clubs.

It is understood potential bidders for the gyms include Mike Ashley, the retail tycoon who controls Sports Direct and Newcastle United.

Another bidder could be Dave Whelan, the architect of JJB who made so much money building the company that he constructed a football stadium for his beloved Wigan Athletic.

In a statement issued at dawn today, JJB's directors said: "The company's lenders have agreed to extend the standstill agreements to 16 March subject to the lenders remaining satisfied with the progress of the company's proposed disposal of its fitness clubs."

However, the end looks nigh for the Barratt and Priceless chains operating from 600 outlets.

Both are already in administration, and plans to win a breathing space in a rescue proposal were last night thrown out by creditors and landlords.