Overview

• A High Court hearing on August 7 will decide whether 75% of creditors and landlords endorse PwC’s formal restructuring proposal
• The plan requires the closure of 33 stores by January 2026, rent reductions across 71 outlets and significant debt write-offs
• Lewis family’s Blue Coast Capital has pledged a conditional £40 million facility and an interest holiday on existing loans if the scheme wins approval
• Company documents warn of a £10 million funding gap by early September and predict cash exhaustion by the end of August without the rescue deal
• The restructuring aims to reverse a 2023 pre-tax loss of £33.2 million and a 19% turnover decline driven by rising costs and the shift to online shopping