Bakery chain Le Pain Quotidien is on the verge of collapse, in a move that could place more than 500 high street jobs at risk.
The Belgian-owned company is expected to appoint administrators as soon as this week, according to Sky News.
An emergency sale process for the business, which trades from 26 sites in Britain, has set a deadline of Wednesday for offers.
Alvarez & Marsal, the professional services firm, is overseeing the auction and is likely to be appointed as administrator unless a solvent sale is concluded in the coming days, insiders said on Monday.
The consultancy firm is also managing the sale of footwear chain office which went on the market last week.
The high street chain's South African owner, Truworths International put the business up for sale after temporary closing 130 stores.
In the event of a collapse, Le Pain Quotidien would join Carluccio's, which entered administration in March, with 2,000 jobs at risk.
The Italian restaurant, which has 71 restaurants across the UK, appointed administration experts FRP Advisory following a "sustained period of challenging trading conditions, which have been exacerbated by COVID-19".
Pubs and restaurants have faced a tough month, with the Government announcing their closure, although takeaway services are allowed to continue.
Chiquito was put into administration on in March - seeing 61 of its restaurants close.
Marston's, which runs 1,400 pubs across the country, and Mitchells & Butlers, the owner of Toby Carvery and All Bar One also both warned they were struggling.
Byron, the burger chain, has brought in KPMG to handle a review of its options.
Alvarez & Marsal declined to comment on the future of Le Pain Quotidien.
