Fashion retailer Internacionale is poised to appoint administrators to the loss-making business with 1,500 job losses expected.
The retailer is expected to close its entire 97-store estate if a buyer cannot be found for the business and administrator PwC is set to be appointed this week, The Telegraph reported.
Corporate restructuring specialist FC Fund Managers, led by Jason Granite, took on Internacionale last week after buying £35m of debt, making 20 of its 40 head office staff redundant.
It is understood the business will continue to trade for the next three to four months, the newspaper reported.
At least two stores have been entered by bailiffs since the start of the year, Retail Week’s sister magazine Drapers reported.
Internacionale was bought in a pre-pack deal last July by former chief executive Raj Sehgal, managing director Naresh Abrol and finance director William Milton for an undisclosed sum after struggling with debts.