Wynsors World of Shoes is understood to be planning a major restructuring of its business and portfolio of stores
A historic British shoe shop chain is understood to be planning a "string of store closures" with dozens of locations and up to 100 jobs being at risk.
Wynsors World of Shoes is reportedly set to go under a major restructuring just six months after being acquired by investment firm Modella Capital.
Reports suggest Modella is currently having talks with landlords at 36 Wynsors World of Shoes stores, which could see many branches axed.
The firm has briefed staff members on plans for a company voluntary arrangement (CVA), which is often used by businesses to reach a compromise between landlords and creditors.
Sky News reports that the restructuring proposal aims to secure rent cuts at 36 of the 70-year-old shoe retailer's 47 stores.
Sources close to the negotiations claim that a number of these shops are expected to close for good after talks conclude, as well as two distribution centres.
On top of this, analysts warn that around 100 members of staff are expected to lose their jobs if the CVA is approved by all parties.
The retailer is located primarily in the north of England and is widely famous for its range of children's school shoes.
In recent years, Modella Capital has become known for its multiple acquisitions of beleaguered retailers, including Claire's Accessories and The Original Factory Shop.
Both retailers were purchased by the firm last year and found themselves proceeding within a matter of months. Notably, Modella bought WH Smith, which it controversially rebranded as TG Jones for the retailer's high street locations.
Adam Foster, CEO of Wynsors, told GB News:"Wynsors has been a trusted name on high streets for over 40 years, serving communities across the north of England with quality, affordable footwear.
"Regrettably, the severity of the challenges we have faced, ranging from an extremely difficult trading environment to a significant cyber-attack disrupting our core operations, have made this restructuring unavoidable.
"This has been an incredibly difficult decision, and I want to acknowledge the impact they will have on those colleagues who will be affected.
"This CVA is a necessary step to give Wynsors a viable future. Our focus now is on working constructively with our creditors, including landlords and other stakeholders, to allow us to continue serving our customers and providing jobs for colleagues who will stay with the business."
Here is a full list of the Wynsors World of Shoes stores currently in operation: