Under new chief executive Koert Tulleners the business has been rebranded Freemans Grattan Holdings and all staff are in consultation about their roles.
Tulleners said: “We are committed to ensuring that our respected Freemans, Grattan and associated home shopping brands have a great future as well as a proud past.
"Progress on our restructuring plans has been regularly communicated to our staff since being announced in spring 2008 and this next stage will be the most wide-ranging and significant."
Tulleners said until the consultations are complete he is not in a position to speculate on numbers of jobs that might be lost. "I know this will be a worrying time for colleagues," he added.
He said the consultation could take up to at least 90 days and was adamant there is a future for the business. He added that he is not seeking to sell any of the brands, which also includes Oli and Kaleidoscope.