The content marketing agency was set up in 1999 after winning the contract to produce Asda’s magazine.
Publicis Blueprint, Hearst, Immediate Media and Bauer pitched for the account when it was put out in February.
Although Asda has not decided what company will win, it is understood that Publicis Blueprint has been told it has lost the account and could lose around 50 staff through TUPE to the winning company.
This would leave the business with a total of 40 staff.
Both Publicis Blueprint and Asda declined to comment.