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.
Shoes found in major search for missing teenage boy
Taylor Charlton, 14, was last seen over a week ago
Reform win Tiverton Town Council by-election
They won by 19 votes
Illegal e-bikes seized in Torquay
Police operation to educate riders
Clubhouse for thriving Devon football club approved
It has 250 members but limited facilities
Burglar jailed for daylight break-ins
Cash and jewellery stolen
Boardmasters launch main stage competition
Could you be playing?
