Missguided is on the verge of collapse after being issued with a winding-up petition.
It is thought the business could call in administrators as early as Monday.
Alteri Investors rescued Missguided last autumn.
Supply chain problems, rising freight costs and increasing competition from rivals have hurt it.
Alteri has been trying to sell the fast-fashion business.
If a solvent solution can't be found, Teneo are ready to take over the business and they are advising Alteri on strategic options.
A pre-pack administration allows an insolvent firm to sell its assets to a bidder.
According to a report in the i newspaper, police were called to Missguided Manchester headquarters after suppliers turned up demanding payments.
A winding up petition was issued by the supplier.
If a company is unable to pay its debts, a creditor can apply to a court to close it. The idea is that the assets of the firm will be sold and the money will be paid.
Three suppliers for Missguided have warned that they are at risk of going under because of outstanding payments.
A Missguided spokesman said that the company is aware of the action being taken by some of the company's stakeholders. We expect to provide an update on the progress of the process to identify a buyer for the business in the near future.
The business was founded by Nitin Passi in 2009, and has grown to become one of the UK's biggest online fast-fashion players.
The brand expanded into Europe, the US and Australia and now ships to more than 180 countries.
The business has struggled to make a profit in the last few years, and in December Alteri announced the layoffs as part of a plan to turn the business around.
Mr Passi stepped down in April.
The firm began as a purely online retailer before adding several bricks and mortar stores, including a flagship store in east London. All of its physical shops in the UK have been shut down.
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