Nottingham's Ann Summers store could be at risk as the lingerie retailer has announced restructuring plans that will impact around a quarter of its shops.
The company is negotiating for rent cuts at 25 of its stores, and it remains to be seen how its branch on Long Row, Nottingham, could be affected.
The high street chain, which runs 91 stores in total, said it has already agreed revised rental terms on its other stores following discussions with landlords in recent months.
However, it said it will now launch a company voluntary arrangement (CVA) deal to move its remaining stores onto turnover-based rents.
Jacqueline Gold, chief executive of Ann Summers, said: “Ann Summers has a bright future but if the business is to fulfil its potential and prosper in the post-Covid trading environment, we need to align our property costs so they reflect the challenges facing today’s high street.
“I’m grateful to the majority of our landlords who have worked constructively with us to agree sensible terms on the vast majority of our stores, and these landlords will not be affected by the CVA.
“We continue to invest in our marketing, our product and our brand, and are seeking to protect as many stores and jobs as we can through this process."
The chain said it will also secure £10 million of new funding to drive its turnaround plan, if the CVA plan is approved by creditors.
The companies chief executive added: “We have successful and growing online and party plan businesses, and once our store rents are aligned to market levels as a result of this process, we can approach the future with confidence.”
The news comes as other Nottingham retailers including Debenhams, Topshop, Burton, and Dorothy Perkins could be forced into closures following collapses.
