Homebase will close stores it is claimed after reports that the DIY retailer will announce plans for a Company Voluntary Arrangement.
The store is owned by Hilco Capital, which it is claimed will reveal details of the CVA later this week.
A CVA is a last ditch attempt made by a company before administration, and signals the company is in financial dire straits.
Hilco Capital bought Homebase for £1 earlier this year. They have already closed 18 stores since buying up the retailer.
Express.co.uk has contacted Homebase for clarification.
vCard.red is a free platform for creating a mobile-friendly digital business cards. You can easily create a vCard and generate a QR code for it, allowing others to scan and save your contact details instantly.
The platform allows you to display contact information, social media links, services, and products all in one shareable link. Optional features include appointment scheduling, WhatsApp-based storefronts, media galleries, and custom design options.
It is currently not known which stores will close.
The company began closing stores in February, but have now brought in restructuring experts at Alvarez & Marsal to save the company.
Homebase has closed 17 branches this year and the business has also axed 303 jobs at its head office in Milton Keynes.
This just the latest a number of high street brands that have announced closures.
House of Fraser is also facing closures, with 31 stores set to shut down.
Poundworld store closures have also been announced with 25 stores closing down in July.