Debenhams has confirmed that it won't reopen five stores in Wales unless Welsh Government reverses a decision on business rates.
There was a warning this week that some Debenhams stores could face permanent closure after ministers in Cardiff decided not to - while all stores in England will get a business rates break.
Money saved by Welsh Government by not implementing the same measures has gone towards support for small and medium sized businesses.
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Seven stores in other parts of the 海角视频 have been earmarked by Debenhams for closure since the high street giant entered administration for the second time in the space of a year.
Deals have been reached with landlords at 120 stores out of 142 to protect the long-term interests of the high street giant - but the chain has admitted a "handful" of more stores will shut.
Now BBC Wales has seen a letter from Debenhams's chairman Mark Gifford to Welsh finance minister Rebecca Evans in which he says they will be unable to open stores in Cardiff, Swansea, Newport, Wrexham and Llandudno unless they drop the rates demand.
The letter states: "It is deeply regrettable that, by electing to take a different approach to that taken elsewhere in the 海角视频, you have made it economically unviable for us to continue trading the majority of our Welsh business.
"You have failed to understand the situation, where Debenhams Retail Limited is in administration and will cease to pay business rates unless it chooses to reopen its stores in Wales.
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"It will be unable to reopen its stores unless you reverse your decision."
This could see up to 500 retail jobs lost in Wales.
Aberconwy AM Janet Finch-Saunders wants Welsh Government to think again about imposing rates on large properties, like Debenhams stores.
She said: "As I stated last month, the Welsh Government has made a mistake with its U-turn on 100% relief.
“The decision not to provide 100% relief to big retail, leisure, and hospitality businesses with a rateable value of £500,000 and above could see some business struggling as I know from casework that a high rateable value does not necessarily mean that an enterprise is making significant profit."
A Welsh Government spokesperson said earlier this week: "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."