The company, behind TopShop, Burton and Dorothy Perkins is reportedly about to bring in administrators - putting shops and 15,000 jobs at risk.
According to Sky News, the retail company Arcadia could appoint administrators as early as next week.
The company is preparing to appoint administrators from Deloitte after reports that a £30million emergency loan was rejected by lenders earlier this month.
In Nottingham city centre, there is a TopShop within the Victoria Centre and also one at Riverside Retail Park off Queens Drive alongside Burton and Dorothy Perkins.
And there is a Burton and Dorothy Perkins store just off the Old Market Square.
The appointment of administrators could happen as early as Monday.
If the insolvency is confirmed, a number of stores could face permanent closure.
An Arcadia spokesman said: “We are aware of the recent media speculation surrounding the future of Arcadia. The forced closure of our stores for sustained periods as a result of the COVID-19 pandemic has had a material impact on trading across our businesses.
"As a result, the Arcadia boards have been working on a number of contingency options to secure the future of the Group’s brands. The brands continue to trade and our stores will be opening again in England and ROI as soon as the Government COVID-19 restrictions are lifted next week.”
