Te amount was not disclosed in the writ, but one source told The Royal Gazette it was substantial.

"We are negotiating and have been talking (with the bank) for two months,'' said Mr. Voorhees James Lightbourne, owner of the Hamilton store.

Nothing further is expected to develop until the New Year, he added.

But he expected the matter to be resolved and not to impact on the business.

The action will "not close the store'', he said.