The department store’s Chinese owner Nanjing Cenbest announced today that it plans to launch a formal company voluntary arrangement (CVA) proposal next month, under which it would close an undisclosed number of its 59 stores and renegotiate rents on others. Once the CVA is complete, it intends to sell a 51% stake in the business to Chinese footwear giant C. Banner, which also owns toy store Hamleys.