Carpetright is set to close its Telford store as the company undergoes restructuring.

The closure of the Telford store located at Telford Bridge Retail Park is one of ninety-two sites earmarked for closure, although 11 have already stopped trading.

The move places about 300 jobs at risk although Carpetright, which employs approximately 2,700 workers, said efforts would be made to redeploy affected staff at other stores.

The rent on another 113 stores is set to be slashed under company voluntary arrangement (CVA) arrangement proposals being put to landlords.

The group also confirmed an investor cash-call to raise around £60 million through a rights issue to put the company on a firmer financial footing.

The details came as it revealed a “technical breach” of its banking arrangements, but the group said it was taking action to address this and ensure it is amended for the future.

Carpetright chief executive Wilf Walsh said: “These tough but necessary actions will enable us to address the burden of a legacy UK property estate consisting of too many poorly located stores on unsustainable rents, and are essential if we are to restore our profitability and deliver a successful turnaround.

“We will remain in close contact with all colleagues to keep them fully informed as we move through this process.”

Carpetright has more than 400 stores across the UK.