Northern Irish department store chain Menarys has entered a Creditors Voluntary Arrangement (CVA) in order to ensure the survival of the business.
The CVA was completed by chartered accountant Grant Thornton on July 11, according to accounts filed at Companies House.
The retailer, which has 18 branches across Ireland including stores in Dungannon, Larne and Newry, made a loss of £3.6m in 2013. £2.7m of this loss was due to writing off loans owed to the business.
The multi-brand store Tempest in the Diamond Centre in Coleraine, Derry, which is owned by Menarys, will close on October 4, according to the Coleraine Times.
Three concessions within Tempest - Miss Selfridge, Exhibit and Quiz Clothing - will be relocating elsewhere in the city.