Sources last night said its owners had brought in restructuring experts to consider options "including administration".
La Senza runs 158 stores and employs more than 2,600 staff.
Sky News said owners LION CAPITAL could still decide to slash stores rather than tip the chain into administration.
But it came as the PM's high street tsar Mary Portas admitted "thousands" more shops could close in a radical review of the future of the high street. She said: "High streets will never be what they were."
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