The company says it's hoping to keep job losses to a minimum.
Stiff competition from supermarkets is one of the factors to have hit its trading.
The Devon stores are in Exeter, Totnes, Barnstaple and Tiverton.
The full proposals will be released in June.
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One person still missing
Cornwall charity is sending aid to hurricane victims
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What a wopper!
Devon and Cornwall Police gets another bad report
Three out of three areas 'require improvement'
