The 242-year-old chain has drafted in Hilco Capital to work on contingency plans for its possible liquidation, Sky News learns.
Tens of thousands of jobs have also been lost across the high street as retailers and hospitality businesses have borne the brunt of the crisis.
This month, the company and its hedge fund backers - which include Silver Point Capital and GoldenTree Asset Management - launched an auction through the investment bank Lazard in an attempt to secure new investors. "The administrators have appointed advisors to help them assess the full range of possible outcomes which include the current owners retaining the business, potential new joint venture arrangements or a sale to a third party."
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