UK online and stores retailer Dwell has lined up administrators as it conducts talks with possible investors over a last-minute rescue.
The furniture retailer, which began as a catalogue in 2003, is understood to have held discussions with founder Aamir Ahmad and restructuring specialist GA Europe. Options include a pre-pack administration that would help cut debts and enable the firm to hand back leases on any underperforming shop units.
The 24-store firm hired advisers at Argyll Partners last month to look at possible options as competition in the market increased and consumer's tightened their purse strings.
In the year to January 2012 losses on a pre-tax basis widened 48 per cent to £675,320. Last year it said it wanted 100 stores.
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