Department store group, Debenhams, which fell into administration in April, is to be sold, with 14,000 jobs now at risk.
Debenhams already said it would axe 2,500 more jobs last week, on top of 4,000 cuts it announced in May.
A spokesperson for the department store said, 'Debenhams is trading strongly, with 124 stores reopened and a healthy cash position.'
The company's hedge fund owners have enlisted advisers at Hilco, a restructuring firm specialising in winding up retailers, to draw up plans to liquidate the business if all other options fail, according to Sky News.
Frasers Group, Next and a Chinese consortium are among the parties interested in buying Debenhams’ stores as the group's owners desperately hunt for a buyer.