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Whittard currently employs around 500 people and is likely to continue trading during the Christmas period.
However, it has emerged that Ernst & Young are in talks with several bidders who may buy some of the chain's store, reports the Times.
Jason Gordon, retail director of Ernst & Young, claimed many retailers were banking on a last-minute shopping spree by consumers.
"I doubt that this last-minute surge is going to be enough. More likely, it will soften the blow," he said, adding: "Transaction levels are up but spend per transaction is down."
According to PricewaterhouseCoopers, a record 82 of the UK's largest retail outlets are offering products at discount prices in an attempt to draw shoppers into their stores.
