Have a look at this tucked away on Discover group's web site Discover Leisure - a business that's serious about leisure CVA Proposal 29.5.09 – Part 3 CVA Proposal 29.5.09 – Part 2CVA Proposal 29.5.09 – Part 1 and particularly the "announcement..." & CVA proposals parts 1-3, pdf's all dated 29/5/09 - If you click on the links (if you have a pdf reader) all the details are there. It gives the background to them closing all those branches, and the huge loss made in the 6 months to 28/2/09. In short they propose an arrangement with their creditors that is to be voted on next week, whereby they will get support from the bankers to continue trading (in the remaining 5 branches) if their creditors agree to a settlement of 22% (ie 22 pence for every pound of debt) over a 5 year term. So somebody who is owed £1000 gets £44 in year 1, £44 in year 2, etc as long as the company is able to pay until the 5 th year and £220 in total. If they don't agree the company is "likely to go into administration". One of the pdf's has a list of creditors - it's pretty long.