Philip Day’s Edinburgh Woollen Mill Group is set to collapse into administration.
The retail group has lodged a notice of intention to appoint administrators to seek buyers for the business.
It is thought to operate some 1,100 stores and concessions under its brands, which include Peacocks, Jaeger, its namesake EWM and Ponden Home. Up to 24,000 jobs are at risk.
Insolvency firm FRP will review the business. It had previously handled the administration process for EWM brand Bonmarché, which is not part of this process.
Steve Simpson, chief executive of EWM, said: “Like every retailer, we have found the past seven months extremely difficult.
“This situation has grown worse in recent weeks as we have had to deal with a series of false rumours about our payments and trading which have impacted our credit insurance.”
He added: “Through this process I hope and believe we will be able to secure the best future for our businesses, but there will inevitably be significant cuts and closures as we work our way through this.”
A spokesman for FRP said: “Our team is working with the directors of a number of the Edinburgh Woollen Mill Group subsidiaries to explore all options for the future of its retail brands Edinburgh Woollen Mill, Jaeger, Ponden Home, and Peacocks.”
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