Bay is to exit two thirds of its shops as it drives its concessions business and launches an online operation.

Rinku Loomba, managing director of supplier Rinku Group, which bought the retailer - formerly called Bay Trading - out of administration earlier this year, said leases would not be renewed on 19 of Bay’s 30 standalone stores after the expiry of a six-month lease from administrator Deloitte.

The leases will revert to landlords and 120 store staff are in consultation about their future.

Bay will be left with 10 standalone stores and a 100-strong concession business in department stores such as Beales.

Loomba said: “Our focus has always been concession retailing but we want to keep a foothold in standalone and see how it works.”