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Administrators have begun another attempt to save High Street clothing chain Select and its 1,800 employees.
Select went into administration on 10 May after a period of poor sales, putting 169 UK stores at risk.
Administrators at Quantuma have proposed a second company voluntary arrangement (CVA) to try to cut costs.
Quantuma said no immediate store closures or job cuts were planned, but would not rule them out. Landlords will need to approve the plan.
If landlords voted against the measures and no buyer was found, the company could cease trading, the administrators said.
“The proposal does not outline the immediate closure of any of the company’s stores, and any immediate redundancies, however some may occur even if the proposal is approved,” said Andrew Andronikou, partner at Quantuma.
The company, which aims its fashion at women aged 18 to 35, agreed a CVA last year, cutting its rent bill.
Previous owner Cafer Mahiroglu, a Turkish entrepreneur, bought the business out of administration in 2008.
“These situations are never easy, as property owners need to take into consideration the impact on their investors, including those protecting pensioners’ savings via investment into property, as they vote on the CVA proposal,” said Ion Fletcher, director of finance and commercial policy at the British Property Federation.
Landlords must make up their own minds on how to vote, he added.