Sir Philip Green is trying to save the Australian division of his fashion chain Topshop after it fell into administration.
Green's Arcadia Group is talking to the administrators, Ferrier Hodgson, over saving Topshop Australia, which was placed into voluntary administration by its franchise partner on Wednesday.
The discussions could lead to Green taking over control of the Australian business, which has nine stores and 17 concessions. Its sales total around £52m a year.
An Arcadia spokesperson said: "We are working with the administrators to find a solution."
Currently, 760 jobs are at risk, but staff are still being paid by the administrators.
The administrators said in a statement: "It will be business as usual as the administrators work closely with Arcadia Group (the UK owners of the Topshop/Topman brand) on supporting and right-sizing the Australian business to a sustainable platform going forward."
Topshop has also opened stores in China and the US.