Credit insurance company Coface has withdrawn cover for suppliers to several Baugur-owned companies following the banking crisis in Iceland.
According to The Times, another credit insurer, Atradius, said it was talking to Baugur about its companies.
Baugur has interests in a host of UK high street retailers including House of Fraser, Karen Millen and Oasis.
Coface credit insurance director Ian Hollyhomes told the newspaper the company had reviewed parts of the Baugur Group and had decided to withdraw or reduce cover in some instances.
The newspaper said the decision was motivated by the slowdown on the UK high street as well as the crisis in Iceland.
Baugur put out a statement yesterday saying that its businesses would not be impacted by the Icelandic turmoil.