The management of Bus Éireann has said that it is "carefully considering and finalising several options" to resolve the financial solvency at the company.
In a statement, the company said that staff will be informed of the measures in the coming days.
It follows the collapse of talks at the Workplace Relations Commission aimed at resolving the crisis.
It is understood that whatever decision management makes on cuts to address the mounting losses will have to go before the Bus Éireann board for approval.
Meanwhile, the National Bus and Rail Union has written to the Secretary General of the Department of Transport, Tourism and Sport and to the Chief Executive of the National Transport Authority urging both bodies to take part in multi-stakeholder discussions in a bid to resolve the dispute.
Up to now, both have refused to engage in such talks.
Unions have argued that Bus Éireann's financial difficulties should be addressed through additional state subvention, rather than through cuts in pay for staff.
However, both the Government and the NTA have ruled out a bailout for Bus Éireann, saying the company will have to resolve its difficulties from within its own resources.
Union representatives have blamed management for the breakdown of the talks and warned that any unilateral cuts would lead to an all-out indefinite strike.
SIPTU divisional organiser Greg Ennis said that no one wanted to see a strike, particularly one with the potential for contagion among other transport services.
Speaking on RTÉ's Today with Sean O'Rourke, Mr Ennis said: "I think it [a strike] would be absolutely catastrophic for the transport network. There is the potential for contagion which would be a real calamity arising out of this.
"It beholds all of the parties to come to the table with a view to try and negotiate and change but coming into three days of talks to be told 'it's this and it's nothing else' is unacceptable."
Acting Bus Éireann CEO Ray Hernan has said such a strike would cost the company €500,000 a day.
The NTA described the breakdown of the talks as "disappointing" for passengers.
At the Oireachtas Transport Committee this morning, the NTA said it rejects any suggestion that the granting of commercial licences to bus operators has been solely to blame for the difficulties being experienced by Bus Éireann.
Chief Executive Anne Graham said the notion that there is saturation on the inter-city corridors served by Expressway services and that the NTA grants licences to operators at the drop of a hat, also does not stand up to scrutiny.
"In fact since 2011, we have rejected almost as many applications for licences on these key routes, as we have granted," Ms Graham told the committee.
She said it has consistently been the case that where new licences are issued in these markets, that overall passenger numbers have increased.
Ms Graham also pledged that if some Expressway services are discontinued at local level, the NTA would step-in and ensure that local demands for public transport are met.
Ms Graham said she is very, very concerned about the position of Bus Éireann.
She was responding to AAA-People Before Profit TD Mick Barry who asked her about the implications of the company becoming insolvent.
In response to a question from Mr Barry on the prospect of increasing aid to Bus Éireann, Ms Graham said the NTA could not subsidise commercial licences as this would be considered State aid.
The NTA can increase subsidies on Public Service Obligations routes when services are tendered.
Ms Graham acknowledged to Fianna Fáil's Robert Troy that private operators could withdraw from commercial licences without penalty, if they considered the route unprofitable.
However, she said the NTA would step in to ensure a community had transportation links.
Sinn Féin transport spokesperson Imelda Munster asked for a review of licences to private operators on public bus routes.
However, Ms Graham said while they seek basic information about the growth of licensed services, they don't have commercially sensitive information on these routes.
Meanwhile, a senior official at the Department of Social Protection has insisted there are no plans to make any changes to the Free Travel Scheme.
Assistant General Secretary Tim Duggan told the committee that the Minister for Transport had highlighted his full commitment to maintaining the scheme and there are no plans to make any changes.
Mr Duggan told the Committee that the estimated payment to the CIE group for this year will €61m.
He also said that 875,000 customers were eligible for free travel under the scheme and when companion and spousal passes are taken into account, this brings the figure to €1.4m.
Meanwhile, a spokesman for a private bus company said the problems at Bus Éireann could be down to the fact that it has not made the changes required to make it competitive.
James McGinley of McGinley Coach Travel also rejected claims that private bus operators are driving Bus Éireann out of business and said competition was healthy and kept operators on their toes.