The House of Fraser department store will appoint administrators after the talks to save the business fail.
Thousands of jobs will be at risk as a result, with 31 stores marked for closure in the United Kingdom and Ireland.
The company said the planned closures, which include its Oxford Street store, come as part of a company's voluntary agreement (CVA), an insolvency procedure used by struggling retailers.
If the ACV is approved by the owners, it will affect up to 2,000 House of Fraser employees and another 4,000 in trademarks and concessions.
He said that stores reserved for closing would remain open until early 2019. House of Fraser has 69 stores in total throughout the United Kingdom.
The group said it also plans to move its Baker Street headquarters and the Granite House office in Glasgow to help reduce costs and "secure the future of House of Fraser."
Here is a complete list of the 31 stores to be closed:
London Oxford Street,
London King Willam Street,