High street legend Woolworths is set to go into administration.
The move will put tens of thousands of jobs at its under threat.
According to the BBC, the board of the 815 store-strong chain will meet at 6pm today to take the formal decision.
Deloitte will be appointed as administrators to the store chain and also to Entertainment UK, which supplies DVDs to supermarket groups.
However, Woolworths joint venture with the BBC, 2 Entertain, will not go into administration. It is owned by Woolworths' parent company, which will not go into administration.