According to industry publication Retail Week, Alteri – the private equity group that bought the footwear company for £12m in October 2015 — last month put Jones up for sale.
Several “very credible” offers had been made for the business, according to a source cited by Retail Week, but Jones had experienced a series of “cash flow challenges” throughout the bidding process, scuppering a potential deal.
Retail Week reported that Jones was also served with a winding up petition last Friday - is a legal notice that is filed to a court by a creditor who is owed money.
The aim of such a petition is to force a company into liquidation as a way of enforcing repayment of debt.
Sources told the publication that a pre-pack administration was now “the most likely outcome” for Jones.
Jones was established in 1857 and currently has over 100 branches throughout the country. It employs around 800 people in the UK, according the Guardian.
The Telegraph reported in February that Alteri had hired KPMG to explore all options for Jones.
A spokesperson for Alteri declined to provide further comment to the Independent.
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