Grant Thornton has been brought in to advise Tie Rack Retail Group Ltd on the sale of its international business, as the fashion chain announced plans to close 44 high street stores in the UK and some of its airport outlets, placing 200 jobs at risk.

A closing down sale started this week and the UK shops are due to shut for good by the end of the year.

Tie Rack, which was launched 30 years ago, had 450 shops in its heyday, but changes in men's fashion towards more casual dressing and increased competition have seen sales slump. Accounts for last year show a pre-tax loss of £6.8m on sales of £68.1m.

A spokesman for the company said: 'Following a period of prolonged decline in Tie Rack's fortunes, it is with regret that we today announce this closing down sale. Management are working with staff to provide support during this difficult time.'

GT is charged with looking for prospective buyers for around 30 overseas stores including those in Italy and France.

Tie Rack's owners, Italian conglomerate the Fingen Group, will retain ownership of the Tie Rack brand online with its Tie Rack Rolling Luggage stores unaffected.

In a statement GT said: 'We are in discussions with a number of interested parties but at this stage, cannot comment further.'