Debenhams' bosses have reportedly started drawing up plans for liquidation of the 242-year-old department store.
The move could potentially trigger the biggest jobs cull seen during the pandemic so far, Sky News reports.
It follows news that the department store chain is to cut 2500 jobs across its stores and warehouses.
READ MORE: Debenhams to axe 2,500 jobs across stores and warehouses as Covid-19 hits retail
Around 14,000 people are employed by the retailer across the UK and could be at risk of redundancy.
In Glasgow, Debenhams has stores in the city's Argyle Street and Silverburn Shopping Centre.
The department store chain has reportedly appointed Hilco Capital to help if the store does not manage to find a buyer to keep it afloat.
Debenhams previously said it has no plans to shut more stores as part of the restructure.
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