Troubled outdoor retailer Blacks today announced plans to close 89 of its shops.

The company also said it wanted to shed about 50 jobs at its Northampton headquarters. Blacks is one of the best known High Street outdoor brands, with 256 stores run under the Millets brand and a further 116 Blacks Outdoor shops.

The company said in a statement it was entering into a period of consultation with staff over the proposals. It has not said how many jobs are at risk from the store closures.

The moves are a result of the company’s expected breach of its banking covenant this month. It entered an agreement with its bankers Lloyds for a ‘standstill’ arrangement which will run until the end of November. The agreement was subject to Blacks restructuring the company. It warned in its statement that further changes will be necessary before it satisfies the conditions of its banking arrangement.

A company spokesperson said of the 89 shops earmarked for closure: “[Their] performance has been a considerable drag on the core outdoor business which has traded successfully over the last two years. The vast majority of the stores to be closed have not traded profitably for many years.

“Whilst it is highly regrettable that the company is having to take these steps, both actions will ultimately strengthen the business and help ensure that a successful and profitable outdoor retailer emerges from the current restructuring process.”

Blacks’ Sandcity subsidiary, which operates its boardwear brands, was put into administration earlier this month.

The company has until 30 October to complete its restructuring plan.

Blacks traces its history back to the formation in 1861 by Thomas Black of his sail-making firm in Greenock. Millets was founded in 1893 and is the country’s biggest outdoor retailer.