Discount chain Poundstretcher is close to shutting nearly half of its stores after landlords and other creditors approved a rescue restructuring. Elsewhere, Retailer New Look is said to be preparing its second CVA in as many years, having engaged advisers to explore restructuring options and negotiate with landlords on a switch to turnover-linked rent for its stores. Meanwhile, The Times reports that Azzurri, the casual dining group behind the Ask Italian and Zizzi chains, may be put through a pre-pack administration to facilitate a sale of the business to an American investment firm.
Read more: The Guardian