Value health and beauty retailer Savers is seeking concessions from its landlords in the face of losses at the 237-store chain.

Savers has written to landlords urging them to accept reduced rent payments and rent-free periods of up to 12 months over two years.

The Independent reported that the retailer, owned by AS Watson UK which also counts Superdrug among its brands, has requested 20 per cent reductions in its rent payments.

Savers recorded losses of£45.9m in 2007, when sales fell to£180.3m after the closure of 183 stores in 2006.

An AS Watson spokeswoman confirmed that Savers had approached its landlords asking for concessions.

She said: “Savers can confirm that as a prudent part of our strategy to return the chain to profitability we have written to a number of landlords with regard to negotiating more favourable rent and rate terms in the current economic climate.”

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