Department store Debenhams is reportedly considering liquidation as it consults Hilco, a British international restructuring firm that previously aided Chapelle Jewellery & Watches.
Debenhams has already cut around 4,000 jobs since the coronavirus pandemic began.
It also went into administration in April, the second time this had happened in less than 12 months.
Sky News reported that Hilco will try to secure the company’s future before the Christmas trading period begins.
However, the news outlet reported that if Debenhams goes ahead with liquidation it “could trigger the single-biggest jobs cull of the coronavirus pandemic”.
Meanwhile, spokesperson for the department store said: “Debenhams is trading strongly, with 124 stores reopened and a healthy cash position.
“As a result, and as previously stated, the administrators of Debenhams have initiated a process to assess ways for the business to exit its protective administration.
“The administrators have appointed advisers to help them assess the full range of possible outcomes which include the current owners retaining the business, potential new joint venture arrangements (with existing and potential new investors), or a sale to a third party.”
Read more about Debenhams’ job cuts so far this year below: