Kwik Save will close 79 stores with immediate effect, leaving it with 147 supermarkets.
The closures are said to be necessary to secure the future of the supermarket business.
Robert Tchenguiz could be among those saddled with leases on dozens of Kiwk Save stores.
He is one of the owners of Somerfield, which sold Kiwk Save after they took the business private in December 2005, but still owns the leases. Property agents think Somerfield might struggle to sell the outlets.
30/05/07 Times 30, Daily Telegraph B1, Guardian 24