River Island is considering a Company Voluntary Arrangement (CVA) as the Coronavirus continues to hold back trading.
The High Street fashion retailer is looking to reduce rents and close stores across its 300-strong estate.
Last month, River Island stated it would make 250 head office staff redundant, as part of cost-cutting measures.
Its last financial update in September 2019 showed operating profits falling from £80.6 million to £35.1 million.
Since then, the pandemic has taken its toll, with all stores closed during lockdown and the majority of staff furloughed.
In March, River Island said it would shut its distribution centre in Milton Keynes indefinitely, fulfilling all outstanding online orders before closing the centre which processed e-commerce business.
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Supplying demand: how fashion retailers can meet the needs of customers and still be sustainable
The fashion industry is no stranger to breaking the mould and setting trends, but the pursuit of style can come at a huge cost to the environment.
New legislation, such as the European Union's Ecodesign for Sustainable Products Regulation, will set mandatory minimums for the inclusion of recycled fibres in textiles, making them longer-lasting and easier to repair.
New legislation, such as the European Union's Ecodesign for Sustainable Products Regulation, will set mandatory minimums for the inclusion of recycled fibres in textiles, making them longer-lasting and easier to repair.
The Very Group
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