Ossian Retail Group, the Scottish owner of fashion chain Internacionale and homeware chain Au Naturale, did not meet its full rent and service charge obligations for its 150-strong store portfolio last week, Sunday Times.
The company has now approached landlords to ask to pay rent monthly instead of quarterly in advance in an attempt to manage its cash flow problems.
The March quarter day is a crucial date for retailers because they must pay their rent three months in advance, following the usually quiet post-Christmas trading period from January to March.