Deloitte, the administrator of The Dare Gallery furniture chain, is involved in negotiations with a potential buyer.
Started in 1996, the Melbourne-based furniture chain has 13 stores in four states after closing four outlets in the past year.
The company was placed in voluntary administration after sales slumped after Christmas, generating cash flow difficulties.
The chain was working to a national expansion program of four stores annually under a franchise program.
Tim Norman, the administrator from Deloitte, said there is no intention to liquidate stock in the furniture chain while negotiations on the sale of Dare Gallery continue.
A creditors meeting is scheduled for 2 May.
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