The administrators of bust homewares and fashion retailer Life & Style, born out of the ashes of Ethel Austin, will decide on Monday whether to sell it as a going concern or liquidate it, it is understood.

There is thought to be one party interested in taking on “15 or 16” of the chain’s stores, a source told Retail Week. It is unclear if there is interest in keeping the brand alive.

This week, RSM Tenon joint administrator Simon Bonney said he remains in talks with “a number of parties” about a disposal of all or part of the business.

On Tuesday, RSM Tenon revealed it is closing 22 of 150 stores and making 274 people redundant. Bonney said the closures were despite efforts to “safeguard the health of the business”.

Life & Style was formed in March 2010 after Elaine McPherson acquired the trade name and assets of Ethel Austin and homewares chain Au Naturale. This is the third administration for the business in three years.