The Dragons Den star has owned Jessops since 2013 when he bought it out of a controversial administration borne out of £81 million of debt led to the closure of 187 stores.
Since then, while Jones has reopened some of the Jessops stores that shut down, the camera and photography retailer has not made a single profit.
Last year, it booked a £13 million loss as costs associated with rent shot up to £4.7 million.
Jones also predicted sales of at least £80 million during the first year Jessops was under his control, but the retailer only raked in £7.5 million for that year.
News of Jessops’ uncertain future comes a month after its now-former chief executive Neil Old was poached by H Samuel and Ernest Jones owner Signet Jewelers as managing director of its UK division.
English media reports today are stating the Company could shortly enter Administration.