Discount fashion retailer Peacocks said Monday it had filed a notice of intention to appoint an administrator after talks to restructure 240 million pounds of debt failed.
In a statement the firm, which trades from 611 Peacocks stores and 394 Bonmarche shops in the UK, said talks with potential investors were on-going.
A notice of intention to appoint an administrator creates a moratorium preventing any third party from commencing legal action against the company.
Peacocks also confirmed it was in exclusive talks with a potential purchaser of Bonmarche.
(Reporting by James Davey)