Jobs are at risk in Lincolnshire as retail chain JJB Sports goes into administration.
Shares in the chain were suspended from the stock market on September 24 after falling 93% this year.
The company has 180 stores across the UK, employing around 4,000 workers.
Two stores are located in Lincolnshire, at St Mark's in Lincoln and on Wide Bar Gate in Boston.
All of the outlets will remain open while administrators attempt to sell the remaining assets.
On August 30, JJB announced a formal sale process but it has since failed to attract any buyers or investors.
KPMG administrators will now attempt to sell off the company's assets and brands.
Sports Direct is at the forefront of eight bidders to take over the stores and it is expected that owner, Mike Ashley will shut around half the sites if his bid is successful.
Over the administration period it will remain unclear as to which stores will be closed and how many jobs will be lost.