House of Fraser stores in Sheffield and Doncaster could be at risk after the firm announced plans to close shops.
The firm has said that Chinese retailer C.banner is taking a 51% stake in the company shifting control from previous Chinese owner Nanjing Cenbest.
The retailer intends to launch a company voluntary arrangement (CVA) under which it is likely to close some stores and renegotiate rents on others.
House of Fraser did not say how many stores are earmarked for closure.
The retailer currently has 59 stores in the UK and Ireland. There are more than 6,000 House of Fraser employees and 11,500 concession staff.
"There is a need to create a leaner business that better serves the rapidly changing behaviours of a customer base," said Frank Slevin, chairman of House of Fraser.
"House of Fraser's future will depend on creating the right portfolio of stores that are the right size and in the right location."
The deal is expected to complete by the end of June.
The firm has a branch in Meadowhall and an outlet store in Doncaster town centre.