Eat, one of the UK's largest sandwich shop chains, is said to be considering a number of site closures, according to Sky News.
The company is apparently considering a 'substantial' reorganisation of its 110-plus store estate.
KPMG, the professional services firm, is understood to have been brought in by Eat's management several months ago to advise on restructuring options.
Launched in 1996, Eat is majority-owned by Lyceum Capital, a private equity firm, that took over the business in 2011.
Eat's management team has changed several times, with co-founder Niall MacArthur handing the reins to Adrian Johnson, who was recruited from Costa Coffee in 2013. Andrew Walker, the current chief executive, joined in 2016.
The group's accounts for the year to June 2017 show a rise of 5% in like-for-like sales, with earnings before interest, tax, depreciation and amortisation up by 19% to £4.3m.