Lloyds Banking Group has turned up the heat on All Saints to find buyers for stakes owned by Kaupthing and Glitnir, the failed Icelandic banks.
The search for fresh investment has been ongoing, but Lloyds cracked down on the fashion brand last week after US billionaire Michael Dell's investment firm, MSD, pulled out of a consortium led by US private equity firm Goode Partners. M1, a group co-founded by the former Lebanese prime minister, also left the table.
The deadline has been set for Tuesday, April 27. KPMG is already on standby to initiate administration proceedings as early as Wednesday morning.
Stephen Craig, All Saints' chief executive, has been working on a deal over the Easter weekend. He's courting two investors: the names being bandied around are Sun Capital and Lion Capital.
All Saints employs about 2,000 staff and has 63 stores and 47 concessions in the UK, Europe, US and Russia.
IF the Goode Partners deal is successful, Goode will share control of All Saints with Kevin Stanford, the retail magnate who co-founded the Karen Millen chain with his ex-wife of the same name.
The partnership is expected to ease some of the financial pressure on the business by paying off some of its £53 million debt pile.