Style Group Brands, which owns Jacques Vert, Eastex and Precis, is searching for new investors amid fears it could be facing administration.
The business is said to be looking for new backers over the coming days.
The news comes two months after the group hired KPMG as a consultant to “work on the numbers” as part of plans to get the business back on track under new chief executive Shaun Wills.
At the time, Wills said trading at the group had been reasonable, with sales up 4% on a like-for-like basis for the second half of the year ending 31 January, but he added spring/summer would be the real test.
Wills joined the business as CEO in April last year and the Jacques Vert Group rebranded as Style Group Brands in September.