According to reports, the restructure could begin within days.

Sky News reported that the company is working with advisors on a court-sanctioned, creditor-approved restructuring plan.

The discount chain was bought by Fortress Investment Group two years ago.

It is currently unclear how many of the nearly 320 operating stores will close as a result.

Industry insiders are speculating that the move would likely involve rent cut requests from a number of landlords.

The chain was founded in 1981 and is one of the UK's leading discount retailers.

In April 2024, it was sold by businessman Aziz Tayub, who owned the company for 18 years, and roughly 4,000 people were employed.

The speculated closures come as the UK High Street is in crisis, with over 13,000 stores shutting down last year, and experts warning that even more are on the horizon, with some of the country's biggest retailers impacted.

A large portion of the Hugh Street shops going out of business this year have been operated by fashion retailers, including the likes of New Look and Quiz.

Other retailers closing down stores include WHSmith and Homebase.