Edinburgh Woollen Mill – which owns Tynwald Mills has confirmed it plans to appoint administrators.
The high street fashion chain also owns Peacocks and Jaeger brands.
The move means 24,000 jobs at now at risk – with 1,100 stores for its brands across the UK.
Edinburgh Woollen Mill (EWM) chief executive Steve Simpson said: ‘Like every retailer, we have found the past seven months extremely difficult.’
It is unclear how or whether the news will affect Tynwald Mills after EWM purchased it last year.