Majestic Wine is to embark on a store closure plan as part of a wider transformation.
The specialist wine retailer did not specify the number of outlets it will close but boss Rowan Gormley said he has "no choice", adding that he will aim to "minimise job losses".
Majestic trades from around 200 stores in the UK - with two stores in North Wales, in Bangor and Wrexham.
More details of the store closures will be given in June along with its full-year results.
As part of the restructuring, Majestic will also rebrand as Naked Wines following its takeover of the group in 2015 and invest a further £6 million a year in the business.
This is expected to be funded by migrating customers and stores to the Naked brand, asset sales and high street closures.
However, the company warned that it will take a largely non-cash restructuring charge of up to £10 million this year, with further pain in 2020.
Mr Gormley added: "We also believe that a transformed Majestic business does have the potential to be a long-term winner, but that we risk not maximising the potential of Naked if we try to do both.
"Therefore we have taken a decision to focus all of our capital and energies into delivering the long-term potential of Naked, and releasing value from Majestic."
