The fashion retailer set up by former frontman of Oasis, Liam Gallagher, is preparing to appoint administrators this week as it becomes the latest victim of a tough retail environment.
Pretty Green, the menswear business currently in its 10th year, has filed a notice of intention to appoint Moorfields Advisory to handle an insolvency process.
According to city sources the notice had been put down on Friday in order to create a window for Pretty Green to secure new investment.
If a buyer is found for the upmarket fashion label, which trades from a dozen standalone stores across the UK, a deal would be implemented after administrators have been appointed.
Insiders added that there had been interest from potential bidders since Moorfields began running a process earlier this month under the codename Project Sky.