NEW YORK — One Price Clothing Stores, a chain of off-price apparel and accessories specialty retail stores, said it has entered into an exclusive nonbinding letter of intent with an unidentified party for a “substantial” investment in the firm.

However, in a Form 10-K annual report filed with the Securities and Exchange Commission, the Duncan, S.C.-based firm, which operates 581 stores, said an independent auditors’ report indicated there is mounting concern the firm may not be able to continue operations because of recurring losses and its negative working capital position.

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