Lingerie retailer La Senza has appointed KPMG to restructure the business.
Owner private equity firm Lion Capital has called in KPMG to mull a series of restructuring options that could include administration, it is understood.
Other options could include attracting new investment or a company voluntary arrangement in a bid to close stores.
The news comes as other high street chains suffer in the punishing trading environment. Last week, footwear chain Barratts hit the wall for the second time, while Peacocks is mulling the closure of 200 stores.
Lion Capital acquired La Senza in 2006 from Theo Paphitis for £100m. Paphitis, who stars in the TV programme Dragons’ Den, this year launched another lingerie business, Boux Avenue.