The founder of Jack Wills, Peter Williams, is reportedly to leave the business following a row with private equity owner BlueGem Capital Partners.
Williams is finalising the terms of his departure, The Sunday Times reports.
Cashflow problems and being hit by a drop in the value of sterling have reportedly led to clashes between Williams and BlueGem.
BlueGem is organising a £20m refinancing of the business. It is putting in £10m of new equity itself, and £10m of debt is expected to be provided by Searchlight Capital.
The restructuring practice AlixPartners and accountant EY are advising.
Suzanne Harlow, who as previously reported by Drapers is consulting at Jack Wills, is expected to replace Williams as chief executive.
Williams stood down for the first time, in 2013, before returning as chief executive in 2015.