Retail giants Topshop and Dorothy Perkins are among firms understood to be on the brink of collapse.
Sir Philip Green's retail empire Arcadia, which also includes Burton, had been in talks with potential lenders about borrowing £30m to help the business through Christmas.
But those are believed to have failed and administrators could be appointed on Monday, putting up to 15,000 jobs at risk.
Arcadia said the pandemic "has had a material impact on trading across our businesses".
They added: "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 the Republic of Ireland as soon as the government Covid-19 restrictions are lifted next week."
Arcadia currently has around 500 shops across the country.
