Value fashion group Peacocks is considering closing up to 200 stores as part of a restructuring plan.

The retailer could shut around a fifth of its stores as it seeks to ensure its long-term future, Sky News reported.

Peacocks’ lenders and shareholders are understood to be discussing how to restructure the retailer’s operations and its £240m debt.

It is hoped a deal can be agreed before Christmas. A syndicate of banks and shareholders including Barclays, Royal Bank of Scotland and Goldman Sachs are involved in the discussions.

A Peacocks spokesman told Sky: “We continue to progress our rerestructuring discussions and plans, with no decisions taken at this point.”

Goldman Sachs is likely to end up as Peacocks’ biggest shareholder following the debt restructuring.

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