490 employees in the retail sector owned by Arcadia may be at risk of losing their jobs after retailer Next withdrew from negotiations to purchase the company.
Brands owned by Arcadia include Topshop, Topman, Dorothy Perkins and Miss Selfridge.
The news follows after Arcadia UK went into administration before Christmas.
Although the company's Irish operation was placed into liquidation, the joint liquidators here kept the stores open over Christmas in order to maximise the value of the stock for creditors.
According to Jonathan Hogan, who represents the Arcadia workers, said the liquidators had pledged to revert back to their workers as soon as possible when they get confirmation regarding the prospects of a possible purchase.
It had been hoped that 487 jobs in the 14 Irish-based stores and other concessions could be saved if the Irish stores were sold as part of the UK rescue operation, but according to reports, informed sources said workers and creditors will have to wait until late next week for an outcome on the UK sales process.
The High Court was told the impact of the pandemic on Arcadia's Irish stores had been particularly severe, because stores had been closed for 23 weeks, which caused revenues to nosedive by up to 60 per cent.
They confirmed that the stock in the 14 Irish-based stores is the main asset, and cautioned that in the current climate, there is 'no value' in the leaseholds for the various shop premises.