Gaucho, which has a branch in Leeds, has filed a notice of intent to appoint Deloitte as administrator, which could happen as soon as this afternoon.
The Argentine restaurant group had been in talks with potential buyers.
The group operates 16 Gaucho restaurant chains which employ 800 people, and 22 Cau outlets, which employ 700.
-> Listed: Every Poundworld store closing in Yorkshire as 1,000 jobs and 80 branches axedThe filing will give Gaucho protection from its creditors for a 10-day period, but it is expected to fall into administration soon.
It is possible that the Gaucho chain, which has 16 restaurants, could be salvaged from administration, with the 22 Cau restaurants closed for good.
A spokesman for Gaucho said: "Despite an extensive process which attracted proposals from a number of parties, it is with regret that, due to the complexities of the group's legal structure, ongoing under-performance at Cau and the level of indebtedness, the directors have been unable to find an agreed, solvent solution."
Gaucho is the latest in a string of consumer-facing business to face strain on the high street.
A colossal 50,000 jobs have been axed in the first half of the year as retail workers bore the brunt of hundreds of store closures.
In the past few months, House of Fraser has put more than 6,000 jobs at risk with a radical store closure plan, while Poundworld has plunged into administration, endangering a further 5,100.
It adds to Toys R Us and Maplin, which collapsed earlier this year, while the likes of Prezzo, Byron and Jamie's Italian have shut restaurants and culled hundreds of jobs.