Clintons, the greeting cards retailer, is set to shut around 20% of its shops in an effort to keep the company afloat.
Reports suggest that if the firm is not able to strike a deal it faces insolvency.
It would be the third time in 11 years that Clintons has faced acute financial difficulties – it had to be rescued in 2012 and again in 2019.
Clintons has been contacted by the BBC for comment.
The retailer has appointed restructuring experts FRP Advisory, which has declined to comment.
At its height, Clintons had nearly 800 shops and employed 8,000 staff.However, in 2012 it was forced to file for administration and was rescued by American Greetings, a supplier owned by the US-based Weiss family.At that point, 350 shops were shut and nearly 3,000 employees lost their jobs.The family rescued Clintons from administration again in 2019. More stores were shuttered and job cuts continued.