Sir Philip Green has reportedly launched a review of Arcadia Group and hired advisers from Deloitte to explore a raft of store closures.
The Telegraph said the restructuring could lead to “hundreds of job losses”.
Meanwhile, Arcadia has reportedly closed 210 shops over the last two years, representing around a fifth of its store portfolio.
The retail group closed the stores as leases ran out, The Sunday Telegraph reported.
Colliers International said Arcadia’s business rates bill would have jumped around £20m over the last five years, to around £128m last year.
Drapers has contacted Arcadia for comment.