Debenhams says that it has secured the future of one of its at risk stores in Wales but "time is running out" for four stores.
The retail chain went into administration last month and has said it would close five stores unless Welsh Government reverses a decision to not give sites in Wales business rate holidays.
Now Debenhams says the future of the Wrexham store has been secured.
But Cardiff, Swansea, Newport and Llandudno are still at risk of closure.
A spokesman said: "The rates bill on these four stores is £2.5 million per year, of which Cardiff alone accounts for £1.1 million.
"The business rates liability is now substantially higher than the rent on the store, which reflects that while rents have been adjusted to the new reality of retailing, rates are stuck at a historic level reflecting what rents might have been in 2015, not those today.
"The Welsh Government’s approach unfairly penalises larger retailers which ‘anchor’ shopping centres. Under its proposals, only three retailers (including Debenhams) in Cardiff’s St. David’s Centre, will be required to pay rates.
"Thanks to the support of the local authority there, our store in Wrexham has been saved and is now planned to re-open once government restrictions allow."
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All retail properties have been given a annual rates holiday in England but in Wales those with rateable values of over £500K were excluded - with the money saved used to support small businesses.
Aberconwy AM Janet Finch-Saunders has asked Welsh Government to re-think the decision.
Debenhams chairman Mark Gifford said: "Time is running out to save Debenhams' four largest stores in Wales. I had a constructive conversation with Rebecca Evans (Welsh Government Finance minister) this week but the reality is we need a favourable decision if these stores are to be re-opened by the administrator and precious jobs saved.
"The way the rating system works, and in particular how it relies on outdated rental values, is a 海角视频-wide problem and also reflects the ponderous approach and inaction of the Valuation Office in updating rateable values.
"When combined with the Welsh Government’s stance to make an active choice to penalise large retailers, we continue to ask Ms Evans and her colleagues to provide support to Debenhams to help our colleagues retain their jobs."
A Welsh Government spokeswoman said: “We decided to limit the Non-Domestic Rates (NDR) Relief for the hospitality, retail and leisure sector announced to exclude the small proportion of properties with a rateable value of over £500,000.
"This affects fewer than 200 properties across Wales but releases more than £100 million towards our Economic Resilience Fund – enough to support more than 2,000 businesses with grants of £50,000. The Economic Resilience Fund will support businesses of all sizes, but especially micro, small and medium sized, in responding to the pandemic and received 6,000 applications within the first 24 hours of opening.
“We are also delivering a £1.7bn support package to provide businesses in Wales with certainty and stability during these challenging times. We will continue to consider how to best target our support where it will have the greatest impact in sustaining jobs and the longer term viability of our economy.”