The backers of one of the country’s largest bargain chains are stitching together a rescue package that will see it receive a one-off cash injection and ditch a chunk of its portfolio of stores.
The Original Factory Shop wants to trim its estate of 220 stores and negotiate cheaper rents on the rest. Private equity owner Duke Street Capital will also pump in about £10m as part of the turnaround plan.
The move threatens to deal yet another blow to the long-term future of Britain’s town centres, which are under siege from retailers rapidly ramping up store closures.
