Footwear retailer Office has become the latest high street giant to take a hit on the back of the coronavirus crisis.
The chain's South African owner, Truworths International, has reportedly put the business up for sale, after temporary closing 130 stores.
Consultancy form Alvarez & Marsal (A&M) has now been hired to run an accelerated sale process for Office amid lockdown measures.
It follows warnings that fashion giants Oasis and Warehouse could collapse into administration on Wednesday, after failed talks to save hundreds of stores and 2,000 job losses.
According to Sky News, bidders are being told the sale of Office "will be completed within a short time-frame".
A&M is running a similar process for Cath Kidston, which filed a notice of intention to appoint administrators nearly a fortnight ago.
The vintage fashion brand, which first opened in 1993, has more than 200 outlets across the world, including a flagship branch in Piccadilly.
The notice of administration means that the company now has 10 days to find a buyer before creditors move in.
Office first considered a formal restructuring process called a company voluntary arrangement (CVA) last year but ultimately decided to axe its most under-performing stores instead.
Truworths bought the Office chain in 2015 in a deal worth about £250million.
In addition to its UK estate, it trades from stores in Germany and Ireland.
The news of its accelerated sale process comes just days after Debenhams officially announced it had gone into administration, closing all stores in Ireland with immediate effect.
