Moss Bros is in talks to close stores as part of a rescue deal sparked by the coronavirus pandemic.
The 169-year-old suit maker, which has 125 stores in the UK, is considering shutting shops, just five months after being taken over by the boss of Crew Clothing.
Moss Bros has hired auditors KPMG to prepare it for a company voluntary arrangement, which would allow it to close some shops and reduce its rent on others to help recoup lost sales.
Its profits have taken a hit on the back of the crisis, with major events such as Royal Ascot and large weddings put on hold.
Moss Bros, which has 1,000 employees in the UK, was acquired by Menoshi "Michael" Shina, who also owns Crew Clothing, for £22million in early March, two weeks before the high street went into lockdown.
Shina later tried to cancel the deal after all non-essential retailers were ordered to close, but was unsuccessful.
A host of other high street businesses have announced closures and job cuts due to the impact of the pandemic.
Monsoon Accessorize has announced 545 job losses and the closure of 35 shops while John Lewis is axing thousands of jobs and eight department stores.
M&S is also cutting 7,000 jobs over next three months as part of a company-wide restructuring.
Moss Bros rival, TM Lewin, announced plans to close all 66 UK stores, with 600 redundancies back in June.
The iconic menswear brand, famous for its office clothes, now operates online-only.
"After considerable review, and due to the many issues currently being experienced by high street retailers, it has been determined that the future of the TM Lewin brand will be online-only," a statement at the time said.
TM Lewin, which was founded in 1898, was placed up for sale just a day after the collapse of fashion chains Oasis and Warehouse in May.
The shirt-maker’s assets were bought back by its owner Torque Brands, through a pre-pack deal - but not its 66 shops.
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The company said it could not afford the rent bill and other costs during lockdown.
It cited the pandemic for its decision to steer away from physical outlets.
"This has forced our hands to focus on a radical overhaul of the business model, rebuilding from the ground up in a fashion we deem fit for the years to come," a spokesperson concluded.
