Clothing store chain New Look is reportedly looking to close around 60 stores to cut costs.
The fashion retailer, which has two stores - one for men and the other for women in Burton's Coopers Square shopping centre, is now drawing up plans to close around 10 per cent of its stores in Britain in a bid to cut rent costs, according to Sky News.
It has not yet been revealed which stores could be under threat of closure.
The news comes after reports last weekend that credit insurance had been withdrawn to many of New Look's suppliers, a move that would force the company to pay for products up-front, the Daily Mirror has said.
Now the South African-owned chain is said to be looking at a Company Voluntary Arrangement (CVA) in a bid to restructure its debts.
A decision is expected in the coming weeks, SkyNews reports.
Closing dozens of stores would help New Look make a significant reduction in its rent costs.
A spokesman for New Look, which also has a branch in Market Street, Ashby, has "declined to comment on the speculation".
It is the latest in a number of high-profile retail names to face financial struggles.
Toys R Us, which also had a store in Coopers Square shopping centre, Burton, before it was closed to make way for a new Next, was saved from collapse in a last-ditch deal before Christmas.
The troubled toy chain plans to axe at least 26 of its 105 stores early this year, with up to 800 job losses.