Clothing retailer Fashaf has narrowly escaped pre-Christmas closure after calls from the First National Bank for its 227 outlets to be shut were rejected by liquidators.

The liquidators maintain that by trading through the high-profit Christmas season, the clothing retailer - which was placed in provisional liquidation on 1 November - would be able to realise maximum value for its R250m stockholding.

They have also requested bids from companies looking to buy the 227 stores as a going concern. Outlets include Dunns, Giant Superstores and Millers Shoes.