Administrators could be appointed within the next 10 working days at Conviviality, which owns Bargain Booze.
The company says it will carry on trading in that time in the hope of selling all or parts of the business.
The group hit trouble when it failed to allow for a £30m tax bill in its cashflow forecast, and has since failed to raise £125m in an emergency cash call.
“Unless circumstances change, and in accordance with statutory requirements, the board intend to appoint administrators within 10 business days,” it said.
Bargain Booze has a store on Westgate in Elland.