Kroll Buchler Phillips, administrator for failed menswear retailer Ciro Citterio, has released details of the chain, which it hopes to sell as a going concern. The retailer fell into administration last month and announced that it was to close up to 45 of its 160 stores.

The group, which employs 1,750 staff, has a £90m turnover, 150 outlets and a 10,300 sq m warehousing and administration complex in South Wales.

The administrator had hoped to restructure the business, but industry sources now believe a sale or break-up is the most likely outcome. One potential buyer for some or all of the 45 closed stores is Officers Club chairman David Charlton, although he has not yet seen the particulars of the sites.

One of the chain's founders, Kirit Thakrar, who was due a £6.9m payment days before the administration order, is still understood to be interested in buying the business.