Published Monday, 16 January 2012
The Peacock Group, which owns Peacocks and Bonmarché, employs around 11,000 people across the UK.
Peacocks has 27 outlets in Northern Ireland and it is thought Bonmarché has around 10 stores in the region.
The company will hold talks for 10 days aimed at restructuring the businesses.
Independent advisors at KPMG are already reviewing the group's finances.
Retail analyst Donald McFetridge said Peacocks is another example of the extremely competitive fashion sector, which he stated is "under incredible threat".
"The days of throwaway fashion are almost gone. People are looking for investment pieces and they're prepared to spend a bit more money on that sector of the market rather than this.
When a company like this runs into trouble or is on the verge of administration there are always fears that a new buyer could close stores and that means job losses.
Retail analyst, Donald McFetridge
Mr McFetridge said he believes "at one company will be looking at this group".
Meanwhile gift retailer Past Times was placed into administration on Monday.
The company, which has two outlets in Northern Ireland, confirmed that 507 staff were made redundant prior to the move.