Arcadia bosses are set to meet this week to discuss the fate of Sir Philip Green's fashion empire.
On Tuesday, directors are expected to reach a decision on whether to pursue a controversial restructuring plan or pave the way for an auction of the company - which includes Topshop and Dorothy Perkins.
According to Sky News, Arcadia Group's board will discuss the status of a proposed Company Voluntary Arrangement (CVA), an insolvency procedure that would require the approval of landlords, pension trustees and other creditors.
The CVA would involve closing fewer than 50 standalone UK stores - typically the ones deemed most 'under-performing'.
It would also involve significant rent cuts across the rest of the estate - which includes chains such as Burton and Outfit.
If the restructuring plan is rejected, a sale of the company, one of Britain's biggest fashion retailers, is expected to be launched.
It will follow in the footsteps Debenhams which confirmed plans to axe 22 stores next year as part of efforts to save the business following its collapse a fortnight ago.
The cull is expected to lead to up to 1,200 job losses.
And there looks likely to be more pain to come, with "further store closures to be confirmed in due course," Debenhams said.
Mirror Money has contacted Arcadia for a comment.
