Lingerie specialist Triumph International is negotiating the acquisition of UK stores owned by ailing underwear retailer La Senza, according to newspaper reports.

Without quoting sources, The Times said the German company was planning to establish a network of stores in the UK, but was not interested in the La Senza brand name.

It is understood that La Senza is still poised to enter administration in the next few days, with KPMG – which has been advising the business since early December – all but certain to be appointed as administrator.

Entering administration would give US-based Limited Brands, owner of Victoria’s Secret and La Senza in North America, first rights to the La Senza brand in the UK.

The Times also reported that La Senza UK owner, Lion Capital, had wanted to rebrand the chain as Understudy, but poor trading towards the end of last year scuppered the plans.

The company is planning to close 81 of the nearly 150 La Senza stores across the UK, but is continuing to trade normally – albeit with deep price cuts on its stock.

A spokesperson for Lion Capital said it was company policy not to comment on media speculation regarding its portfolio companies.

Triumph International did not respond to requests for comment.