UK fashion chain Peacocks is remaining tight-lipped on reports that it may close some 200 stores as it looks to restructure around GBP240m (US375m) in debts.

The company, which operates 611 Peacocks stores and 394 Bonmarche stores in the UK as well as 117 international outlets, declined to comment on reports by Sky News which said that the company was looking to shutter up to 200 UK stores.

"We continue to progress our restructuring discussions and plans, with no decisions taken at this point," a company spokesperson told just-style

The discussions over the company's future involve a syndicate of banks led by Barclays and Royal Bank of Scotland, reported Sky News.

At the end of November, The Independent reported that Goldman Sachs was in talks with the retailer around potentially becoming its biggest stakeholder in exchange for writing off some of its debt.