Around 2300 jobs are at risk as fashion brands Oasis and Warehouse are preparing to go into administration.
The retailers are expected to appoint Deloitte to carry out the insolvency process.
Oasis and Warehouse are popular brands among young people in Northern Ireland.
First reported by Sky News, the move comes as many retailers struggle after being forced to close their doors, as part of lockdown to prevent the spread of coronavirus.
They are two of the latest retailers to find the pandemic challenging.
Oasis and Warehouse currently employ around 2300 people and trade from 90 standalone stores and 437 in-shops in department stores.
Laura Ashley became the first victim of COVID-19. The high street casualty announced last month that it was entering administration. 70 stores were closed.
And last week, department store Debenhams filed for administration, making it the second time within a year that it has followed the insolvency process.