Wilko has warned it is planning to appoint administrators, which would put 12,000 jobs at risk across the country.
The budget chain, which has stores in Workington, Whitehaven, Carlisle, Cockermouth and Barrow, has filed a notice of intention with the High Court.
It has appointed PricewaterhouseCoopers to try and find a buyer.
Mark Jackson, chief executive, said the firm had had a significant level of interest, but no firm offer.
He added they would continue to hold talks with interested parties to secure its future.
