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The company that owns the Oddbins off-licence chain is preparing to appoint administrators in a move that puts hundreds of jobs at risk.
European Food Brokers also owns Wine Cellars and Whittalls Wine Merchants and bought Oddbins when it went into administration in 2011.
According to Sky News, Duff & Phelps are to be named as administrators.
EFB, which is based in the West Midlands, did not immediately respond to a request for comment.
But in a statement to Sky, EFB said it was continuing to trade and hoped to seek a buyer after filing "a notice of intention" to appoint Duff & Phelps.
"The deterioration of the high street, combined with the continuing economic uncertainty surrounding the withdrawal of the UK from the EU, has resulted in an unsustainable, tough physical retail market," the statement said.
"We will endeavour to continue to operate all stores as a going concern while options are assessed for the business, including a possible sale," it added.
Oddbins went into administration in 2011 after HM Revenue & Customs refused to support a deal with its creditors.
EFB, which is run by businessman Raj Chatha, bought up some of the Oddbins stores at the time through its Whittalls subsidiary.