Around 2,500 jobs have been put at risk after the owner of Bargain Booze announced it intends to appoint administrators.
Conviviality will bring in administrators within the next 10 business days "unless circumstances change".
The company said it plans to continue trading and will work alongside advisors as it explores 'a number of inbound inquiries' over a possible sale of all or parts of the business.
By continuing to trade the company said it hopes to preserve "as much value as possible" for its stakeholders.
The company also provides stock for the Wetherspoon pub chain.
There are several Bargain Booze stores in Bolton, including in Wigan Road, Horwich and Bromley Cross.
Over the past few weeks, the firm has seen its chief executive Dianna Hunter step down after issuing a string of profit warnings and revealing a £30 million tax bill.
Conviviality was forced to go cap in hand to investors to raise £125 million as a result, but it has been unable to convince them of its long-term future.
Ms Hunter, a former Waitrose director, had been chief executive since 2013 and led the group through its stock market flotation in the same year.
She also oversaw a number of acquisitions, including Wine Rack, Matthew Clark and Bibendum.
Non-executive chairman David Adams has taken her place until further notice.
The company's collapse would cap a nightmare quarter for the retail sector.
Since January, Toys R Us and Maplin have filed for administration, while fashion retailers such as New Look and Select have embarked on radical store closure programmes.
Piling on the misery has been the under-pressure casual dining sector, with Prezzo, Byron and Jamie's Italian all shutting restaurants and culling hundreds of jobs.
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