LK Bennett is preparing to file for administration, putting up to 500 jobs at risk.
The high-end womenswear retailer is expected to call in administrators from Ernst & Young if a buyer cannot be found over the next few days, with 41 stores facing closure.
Staff have been informed of the latest developments in an email from the company’s founder, Linda Bennett.
According to the most recent available accounts for the company, Ms Bennett invested £11.2m into the group upon her return to ownership.
They showed a loss before tax of £47.9m for the year to July 29 2017.
The brand, known as a favourite of the Duchess of Cambridge, would be the latest in a string of high street and retail failures in the last 12 months.
Since the beginning of 2019, HMV, Mahabis and Patisserie Valerie have all gone into administration, although all three have since found new owners.
Meanwhile, last year fashion brands Coast and Orla Kiely both went bust in 2018, as did department store House of Fraser, which was subsequently bought by Sports Direct boss Mike Ashley.
Additional reporting by newswires
