Embattled retailer Carpetright is poised to shut 81 stores - but North Wales has avoided the cull.
The chain said that, overall, 92 sites had been earmarked for closure, although 11 have already stopped trading, with the rent on another 113 set to be slashed under the company voluntary arrangement (CVA) proposals being put to landlords.
Around 300 jobs are set to be axed, but the chain’s five stores in Llandudno , Bangor , Wrexham , Rhyl and Flint are not earmarked for closure.
The group - which employs nearly 2,700 staff in total - said it hoped to relocate staff where possible.
They also confirmed an investor cash-call to raise around £60 million through a rights issue to put the company on a firmer financial footing.
The details came as it revealed a “technical breach” of its banking arrangements, but the group said it was taking action to address this and ensure it is amended for the future.
Carpetright chief executive Wilf Walsh said: “These tough but necessary actions will enable us to address the burden of a legacy UK property estate consisting of too many poorly located stores on unsustainable rents, and are essential if we are to restore our profitability and deliver a successful turnaround.
“We will remain in close contact with all colleagues to keep them fully informed as we move through this process.”
Shares in Carpetright tumbled more than 23% at one stage after details of the proposals and rights issue.
The firm, which has 409 UK shops, said trading had remained “difficult” since its last update on March 1, with the group continuing to expect a small underlying loss for the year to April 28.
It said the CVA - which is a form of insolvency aimed at protecting a business from going bust by cutting its costs - will help it to “address the competitive threat from a position of strength”.
Landlords will vote on the plans on April 26, while shareholders will have their say on April 30.
