New Look is aiming to shut 60 stores and cut up to 980 jobs as part of a rescue plan.
The struggling fashion retailer said its package of measures included seeking agreement from creditors for a so-called Company Voluntary Arrangement (CVA) that would allow it to slash costs including high rent bills.
It is the latest big high street name to seek help following the demise of Toys R Us and Maplin, which collapsed into administration just a week ago.
The toy chain fell despite being granted a similar CVA in December.
New Look said it was forced to take action to improve the operational performance of the company and all stores would be open as normal ahead of a creditor vote on the proposals, expected on 21 March.
In addition to the closure of under-performing stores, including six further sub-let sites, it said it was seeking rent reductions and revised lease terms at another 393 stores.
New Look said it would attempt to redeploy some of the 980 people at risk of redundancy under the process.
Executive chairman, Alistair McGeorge, said: Given our challenged trading performance and over-rented UK store estate, we are having to take tough but necessary actions to reduce our fixed cost base and restore long-term
We have held constructive discussions with our key landlords and strategic partners and will now seek creditor approval on our CVA proposal.
A priority for us is to keep all potentially affected colleagues informed during this difficult time.
(c) Sky News 2018: New Look plots 980 job losses in rescue plan