Greetings card chain Clintons is considering shop closures and rent cuts as part of a survival plan.
The retailer, which has about 2,500 staff, is in restructuring talks with landlords in another sign of the High Street crisis.
A spokeswoman told the BBC no decisions have yet been made.
Clintons was responding to reports on Sunday that it wanted to close 66 out of 332 shops, with landlords slashing rents on most of the other stores.
The restructuring would involve a controversial scheme known as a company voluntary arrangement (CVA), an insolvency process that allows companies to continue trading while pushing through closures and rent cuts.
A Clintons spokeswoman said “discussions are continuing with our landlords but no decisions have been made”.
But she declined to comment on a Sunday Telegraph report that the company told landlords 90 of its shops were loss-making and that sales were expected to continue to decline.