The owner of Jones Bootmaker has filed a notice of intention to appoint administrators as it seeks a buyer, putting the fate of 800 jobs at further risk.
The news comes after reports last week that Alteri Investors, the private equity firm that owns the 160-year-old high street chain, reached out to KPMG to discuss options for the future of Jones.
It is understood that Alteri has received some offers, but the administration notice gives the retailer 10 business days protection from creditor claims. This essentially means it has been granted additional time as it races to secure a rescue deal with potential buyers.
According to the Retail Week, one creditor filed a winding up order against Jones last Friday.
While there is no certainty Jones would fall into administration, it could still be offloaded as a going concern or through a pre-pack administration whereby it enters insolvency proceedings but assets are acquired by a new owner.
Alteri bought Jones Bootmaker in £12 million deal two years ago.