Debenhams has brought in advisers from KPMG to explore restructuring options as it battles falling profits.
The department store chain is considering a range of options, including a potential company voluntary arrangement (CVA).
Drapers understands that other potential options include renegotiating leases on the 25 stores up for renewal over the next five years and working with landlords to reduce the size of up to 30 shops.
A spokeswoman said: “Like all companies, Debenhams frequently works with different advisors on various projects in the normal course of business.”
Earlier this month, the retailer unveiled its first major rebrand in 20 years, which includes a new logo, store modernisation and a new flagship store in Watford.