Updated: Jewellery retailer Diamonds & Pearls has filed a notice of intention to appoint an administrator at the high court.
However, sources close to the situation said the business is likely to be bought out of pre-pack administration and that a sale is expected to be completed in the next few days.
It would be the second time in a year that the retailer has gone into administration.
Colin Nicholls and Chris Ratten from accountancy firm RSM Tenon are waiting in the wings to be appointed.
The retailer was bought out of administration in March last year by a consortium of undisclosed suppliers to the retail jewellery trade. The deal included 73 profit-making stores as well as head office, securing around 300 jobs.
More than 60 people were made redundant
Diamonds & Pearls and RSM Tenon declined to comment.