The future of Debenhams could be decided this week, with potential buyers asked to place their bids by Tuesday afternoon.
The ailing chain, which has 242 stores in the UK, is awaiting its fate, after axing dozens of outlets in the past year.
Lazard, the investment bank running the sale process, wants interested parties to submit bids by 5pm, according to Sky News sources.
The deadline comes as Debenhams' administrator, FRP Advisory, seeks to conclude a sale of the business by the end of this month, or prepare for alternative options that could entail thousands more job losses.
Troubled Debenhams appointed consultants at Hilco Capital a fortnight ago to help draw up contingency plans for a possible liquidation of the department store.
However, the company, which has been in administration for most of the year, insisted it was "trading strongly".
It came a week after the chain announced plans to axe 2,500 more jobs, on top of 4,000 cuts it announced in May.
Debenhams filed for administration in April - the second time in a little over a year, but if the administrators, FRP Advisory, fail to find a buyer or new investment, the company faces liquidation - putting 14,000 jobs at risk.
Debenhams began reopening its shops in June after being closed since lockdown in late March to stop the spread of the coronavirus.
Since lockdown started, it has announced store closures and job cuts.
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However, the company was struggling before the pandemic, including issuing a string of profit warnings.
Prior to last year's administration, Sports Direct owner Mike Ashley had proposed injecting £200million into Debenhams.
The offer from Ashley, who also owns House of Fraser, was rejected and Debenhams entered a pre-pack administration which allowed it to keep trading.
Hilco has worked on a number of high-profile liquidations in the retail sector including BHS, electronics specialist Maplin and Woolworths.
