Major High Street fashion chain Monsoon Accessorize is reported to be on the brink of collapse - with fears all shops could close and 3,500 jobs could be lost.
According to Sky News the group is planning to file a notice of intention to appoint administrators as soon as tomorrow.
Sky says FRP Advisory will handle the administration. Owner Peter Simon has been trying to sell the business for two months.
All 220 shops are currently closed because of the coronavirus lockdown.
Talks to secure a new buyer for the 50-year-old company are reported to be ongoing.
Mr Simon could buy the business back out of administration himself, and is reported to be writing to landlords to ask for reduced rent.
The company secured a Company Voluntary Arrangement (CVA) which included closing 40 shops and reducing rent at 135 more less than a year ago.
It is the latest High Street name to face oblivion since the start of lockdown - with Oasis, Warehouse, Cath Kidston and Laura Ashley closing and Debenhams closing some branches.
Monsoon Accessorize declined to provide a comment to Sky News.
