Austin Reed has reportedly sought advice from a consultancy firm on financial restructuring after shuttering 31 stores last year.

The embattled menswear specialist is in talks with the financial advisers AlixPartners to aid its high street revival, according to the Times.

Options for turning around the business could include seeking further funding from the loan that Austin Reed secured from investment company Alteri last May, carrying out another CVA or putting the retailer up for sale.

The upmarket fashion retailer, which has been trading since 1900, reported widening losses of £1.4m in 2014 to £5.4m in its full-year results last year while its turnover fell 7.8% to £100.5m.

At the time, the retailer attributed this loss to “significant loss-making stores” and shuttered 31 stores as part of a CVA turnaround plan last February.

Speaking at the time about the decision to close 31 of its stores, Austin Reed chief executive Nick Hollingworth said: “The actions that we are taking will ensure a long-term sustainable future for the brands in the group, and will provide a solid financial platform from which to operate and grow the business.”

The retailer also put its Regent Street flagship up for sale last August.

After securing its loan from Alteri last year, Hollingworth said: “the business now has a solid platform to deliver the next phase of development as we seek to further enhance our multichannel offer.”

According AlixPartners’ website, the consultancy firm’s financial services help retailers “overcome complex operational and financial issues, uncover new opportunities, minimise risk and maximise value.”