Le Pain Quotidien is reportedly on the verge of collapsing, placing 500 jobs at risk.
According to Sky News, the bakery chain is “racing to find a buyer” for its UK operations, and could appoint administrators as early as this week.
Reports say that the emergency sale process for the business has set a deadline of Wednesday for offers.
Alvarez & Marsal is overseeing the auction, and the firm is “likely” to be appointed as administrator unless a solvent sale is concluded in the coming days, Sky News reported.
A potential bidder told the news source that a pre-pack administration was the “likeliest outcome”.
Le Pain Quotidien is run by Adrian Johnson, a former executive at EAT and Patisserie Valerie. It currently operates 26 sites across Britain.
If the administration goes ahead, the chain will be the latest casualty in the hospitality sector after Carluccios collapsed into administration last month.