A CENTURY-old department store which is being "dragged down" by huge rental payments will take its next stab at survival.

Beales, which has a branch in Abingdon's Fairacres Retail Park, can proceed with proposals to decrease its high 'legacy' rents for a period of ten months.

The store will plead with landlords to throw them a lifeline by slashing rent to 30 per cent of its current cost, at poorly-performing stores including in Abingdon.

Chairman Stuart Lyons said: “This vote gives Beales a unique opportunity to restore the group to financial health. We are extremely grateful to our business partners for their overwhelming support.

“These legacy rents have been dragging the group down. Our landlords now have the opportunity to restructure them on equitable terms.”

At a meeting in London last week, 90 per cent of votes cast by company creditors agreed that the restructuring should go ahead.

The deal will only be struck if landlords, who will enter negotiation talks with the bosses, agree.

Beales, which has been trading since 1881, has 29 branches across the UK.

Abingdon's branch, which houses 32 employees, is one of 14 which will bid for restructuring.

A store spokesman stressed that the proposed restructuring would not affect payments to employees or suppliers.