Value chain Matalan has told bondholders that it would refinance the business, at a meeting where it also signalled its intent to appoint former Asda executive Darren Blackhurst as chief executive.
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Matalan will issue £250m of senior secured notes to repay senior debt and plans to enter into a £50m revolving credit facility.
At the meeting on April 1, Matalan said Blackhurst would take up the role, vacated by Alistair McGeorge last September, on May 9.
The former Asda chief merchandising officer left the grocer in May 2010 amid tensions about the promotion of Andy Clarke to chief executive.
The Matalan move follows the appointment of former Sainsbury’s head of general merchandise Adrian Mountford as commercial director.