Over 4,000 high street and warehouse jobs are at risk after retail giant JJB Sports went into administration on Monday.
The search is on for a buyer while the firm continues to trade but there are fears that as many as half of its 180 stores may have to close their doors.
There have been a number of potential buyers on the sidelines but none wanted to buy the company as a whole, just parts of its business, assets and brands.
GMB has a significant number of members at the firm's Wigan warehouse and a spokeswoman told the Star there are reports of a number of parties interested in buying.
Union reps will be meeting members and management this morning.
JJB was once Britain's biggest sports retailer and five years ago shares were worth £10 each. But on Monday they were less than 0.5p as dealings were suspended.
Microsoft founder Bill Gates bought 3.1 per cent of the business in 2009.
JJB is apparently going through a "pre-pack" - or fully pre-arranged - administration so it can write off any of its debts that a buyer is unwilling to assume and that cannot be repaid from the sale proceeds.
The group has been fighting for survival since 2008 when it was hit hard by the recession and tough competition from rivals JD Sports and Sports Direct.
Despite the Olympic factor the firm had a tough summer and asked shareholders for another cash injection, but they didn't want to stay in the race and JJB was forced to put itself up for sale.
It was founded in 1971 when ex-Blackburn Rovers footballer and Wigan Athletic owner Dave Whelan bought a single store in Wigan. It had previously been owned by a JJ Broughton and a JJ Bradburn, hence the name.
Its acquisition of Sports Division in 1998 made JJB the largest sports retailer in Britain and it had 400 stores at its peak.
In 2007 Mr Whelan sold his family's holding for £190 million to a joint venture formed by Icelandic financial group Exista and Chris Ronnie, who previously worked at Umbro and Sports Direct.