All 20 stores operated by Simply Be and Jacamo owner N Brown could close, in another blow to the high street.
The company, which only makes two per cent of its revenue from bricks-and-mortar stores, said it was focused on becoming a global online retailer.
In 2017, the stores generated an underlying loss of £3m.
N Brown will now consult with employees with a view to closing all 20 sites, a move which it estimates could cost between £18m and £22m.
The announcement came as the group announced a trading update for the first quarter, when product sales slipped 2.8 per cent. Group revenue rose 0.4 per cent, buoyed by growth in financial services which was up nine per cent.
"We continue at pace our journey to become a global online retailer, uniquely delivering fashion that fits," said chief executive Angela Spindler.