Tie Rack is to close all of its high street stores and some of its airport shops by the end of the year, according to Sky News.

The owners of Tie Rack, an Italian company called The Fingen Group, will begin to close 44 of its stores on Wednesday. All of its high street stores will close, as well as some of its airport shops.

Sources told Sky News that a closing-down sale is expected to begin on Wednesday. The closures could threaten up to 200 jobs.

Accountancy firm Grant Thornton is understood to have been asked by Tie Rack’s owners to find prospective buyers for its the overseas shops. It has stores in countries including Italy, France and Portugal.

The current shareholders will retain ownership of the Tie Rack brand online, said one source.

Tie Rack, which at its peak operated 450 stores, reported sales of £61.3m and a loss of £6.8m in the 12 months to 31 January 2012.

Tie Rack’s Rolling Luggage fascia will not be affected by the store closures.