Homeware retailer Wilko has warned that it is on the brink of collapse, putting some 12,000 jobs at risk.
Wilko, which has 400 UK stores across the country, including one in the Five Valleys Shopping Centre in Stroud.
The privately-owned company said it had filed a “notice of intention” to appoint administrators after failing to find enough emergency investment.
Chief executive Mark Jackson said it would continue to talk with interested parties about options for the business.
He said the company was left with “no choice but to take this action”, but hopes to find a solution as quickly as possible to “preserve the business”.
Wilko did not confirm in the announcement on Thursday whether or not any jobs would be affected.
Andy Prendergast, national secretary at the GMB union, said: “This is extremely concerning but we remain hopeful that a buyer can be found.
“Wilko’s staff deserve reassurance that their jobs are safe. We hope this is the number one priority going forward.”
Wilko added that it had received “significant interest” from investors and some offers, but none of them would have provided enough cash within the time needed.