The owner of Hotter Shoes has issued a statement over reports it is considering an emergency restructuring.
Skelmersdale-headquartered Unbound Group is working with Interpath on the potential move which would allow is to shed some of its liabilities.
Hotter Shoes trades from 17 stores and around 10 concessions in garden centres.
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In May, the group put itself up for sale as it warned it could struggle to pay its upcoming bills.
The group appointed Interpath Advisory to act as joint financial adviser alongside Singer Capital Markets Advisory LLP to manage a strategic review and formal sale process.
The move came after the group missed out on a planned £10m investment earlier in the month after the offer was withdrawn because of concerns over its current trading.
It also suffered a blow when a knitwear and jersey brand backed away from a possible £7m takeover.
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In a statement issued to the London Stock Exchange, Unbound Group said: "The board notes recent press speculation regarding the possible implementation of a restructuring plan.
"Consistent with the strategic review and formal sale process initiated by the board, as announced on 19 May 2023, the board and the company's advisers continues to explore the options available to maximise value for the company's shareholders and the group's other stakeholders.
"The board will continue to provide further updates as appropriate."