Major U.K. retailer Woolworths Group has confirmed that the company is in talks regarding the sale of its retail arm.

In a statement released today (Nov. 19), the company said: "The Board can confirm that it is in preliminary discussions regarding a possible offer for the retail business. There can be no assurance that any offer will be forthcoming."

While Woolworths declined to comment on the potential buyer or monetary value of the offer, The Times has reported that the bidder in question is restructuring specialist Hilco. It is claimed Hilco is looking to buy the retail chain for £1 ($1.50).

In September, Woolworths Group reported a massive loss of £99.7 million ($178.04 million at September rates) for the six months to Aug. 2.

It is not the first time the retail business has been on the market this year. In August, Woolworths rejected a bid of approximately £50 million ($89.35 million at Aug. rates) from Unity, the consortium headed by Icelandic investor Bauger that already owns a 10% stake in the group.

The chain currently operates over 800 stores throughout the U.K. as well as entertainment distributor Entertainment U.K. and DVD publisher 2 Entertain.