The future of Jack Wills is uncertain after it appointed financial advisers to look at issues in the company.
The fashion brand suffered a slump in sales and current investors, BlueGem Capital Partners, are looking to sell the company on.
The company has also employed the help of advisory firm KPMG which was involved in the liquidation of HMV and many other high-profile cases of business closures.
Jack Wills has 96 shops across the UK including ones in Chichester, Horley, Brighton and Eastbourne.
Last month KPMG reported a 2.7 per cent decline in retail sales in May, a figure which the firm described as 'the worst decline since records began'. Jack Wills also saw a £7.5million loss in the last financial year.
It has also been reported that a document from KPMG suggests Jack Wills could increase profits by closing stores including one in Covent Garden, which is yet to be confirmed.