Textiles Direct Holdings owns 60 shops across the UK. The company has filed a notice of intention (NOI) to appoint administrators at the High Court in Manchester on February 27.
This process allows a legal moratorium (or protection) from creditor actions. This is often used to protect the company whilst buyers are contacted and a pre-pack administration "deal" is prepared.
The notice (NOI) provides ten working days moratorium, but a further NOI can be applied for if further time is required for the sale.
Read more here on what is pre pack administration