Retailer Carpetright says it is closing 92 stores and cutting 300 jobs as part of a restructuring plan.
It recently said it had started talks with lenders to ensure it does not breach the terms of its bank loans.
The chain is planning a company voluntary arrangement (CVA), which will allow to it to shut the worst-performing stores and ask for rent concessions on another 113 sites.
It is the latest in a long list of businesses to run into trouble.
There have been similar recent arrangements at fashion retailer New Look, restaurant chains Jamie’s Italian and Prezzo, and burger chain Byron.
Carpetright, which has more than 400 UK shops, has been struggling with underperforming outlets which have made its rental costs harder to shoulder.