The retailer closed its only store, in Warrington, last month after just four and a half months trading, claiming it was "unsustainable". The company also has a winding-up petition lodged against it, as well as a number of county court judgments.
MD Dave Laney has now written to suppliers calling for them to accept an offer to "salvage something from this sad situation".
"Our landlord has agreed to suspend any rent payable for 12 months if we agree stage payments with Asco creditors," the letter stated. "This gives us a clear option to go forward if we can agree a 50p payment in the pound over an eight-month period."
The payment would start in mid-July and would allow Asco to "reopen and trade profitably at the level of sales we have been achieving", the letter said.
Laney also explained in the letter why the Warrington store had closed. "Decisions made about the opening of the store have led to the fact that the bills cannot be met in time. Experienced people advised us of our potential sales and we acted accordingly. Those estimates were significantly underachieved against and the store has suffered with the set-up costs and stock levels ever since."