The British Department Store, House of Fraser will seek to appoint administers today after negotiations have broken down between investors and creditors.
RTE is reporting that this move will put 17,000 jobs at risk in the UK. House of Fraser said that"significant progress has been made" with regard to the sale of the group's assets and business.
It is expected that EY will likely be the new appointed administrator and discussions will continue with the hope of reaching a deal. At the moment, the House of Fraser website is currently down.
In June, House of Fraser said that they need to close 31 of their stores and make 6,000 people redundant to survive but it's unclear if that will go ahead.
There is one House of Fraser in Dublin and one in Belfast and it is unclear if they are also affected by these closures.
Alex Williamson, of House of Fraser, said:
"We are hopeful that the current negotiations will shortly be concluded.
"An acquisition of the 169-year-old retail business will see House of Fraser regain stability, certainty and financial strength.
"In the two weeks since the Cenbest and C.Banner transaction ceased, the directors have brought forward a number of potential buyers and the group's financial advisors have run a comprehensive M&A process to identify and then develop other third party interest that has culminated in the senior secured creditors leading negotiations with parties at a critical pace."