Clothes chain acts to stave off collapse

The move would see Speciality Retail Group pay 40 per cent less rent on 42 of its 71 stores for the next 18 months but it requires 75 per cent landlord support.

Suits You will use the company voluntary arrangement to rebalance its portfolio of stores away from the high street to designer outlet parks where its stores are performing better.

The group, which also runs the Racing Green and Young's brands, operates 71 stores across the UK and employs about 300 staff. It is run by Yorkshire-based chairman Peter Lucas, the chairman of menswear group BMB in Leeds.

SRG said it was not planning to close any stores or make any job losses immediately.