Proactive Investors claims that parent company Dixons Retail is seeking to reduce the number of branches on its books from 557 to between 420 and 400.
The company, which also owns Currys, PC World and Pixmania, is aiming to save £90 million over the next two years through its 'Renewal and Transformation' plan.
Chief executive Sebastian James said: "Against a tough economic backdrop, we have continued to deliver on a clear plan to transform the business and today we are setting out our three strategic priorities to further improve our market position and build a business that is stronger, more profitable and sustainable."
The electronics retailer had already closed down 50 of its stores over the last year.
However, the release of Apple's third-generation iPad helped Dixons UK and Ireland profits grow to £79 million during the last fiscal year.