A total of 11,000 jobs may be at risk amid fears the high street chain BHS could file for administration by Monday.
A spokesman, who could not give details, said a statement is expected "sometime tomorrow about BHS's future".
A call to bring in the administrators would end 88 years of trading by British Home Stores, one of the UK's most recognised high street brand names.
It would also be the biggest retail failure since Woolworths folded in 2008 with the loss of almost 30,000 jobs.
Sports Direct has been in talks to buy some of BHS's 164 stores but it is understood any company would only buy the shops if it did not have to take on its £571 million pension deficit, according to the BBC.
Entrepreneur Sir Philip Green, who owns Topshop, sold BHS last year for £1.
A statement was posted on the BHS website on Friday which said: "BHS would like to advise that despite some press speculation it is not in, nor has applied to go into administration.
"The website is operating and taking orders as usual."
The fashion and homewares store was thrown a lifeline last month when creditors backed two company voluntary arrangements (CVA) designed to revive its ailing business by cutting costs and preventing widespread store closures.
The company said the immediate future of the firm was secured when 95% of creditors and landlords voted in favour of a CVA for BHS Limited, which represents 125 stores.
A second CVA for BHS Properties Limited - which oversees 23 BHS stores - was also voted through with a majority of 75%.