8-pin IC chip memory
At a minimum you should tell us the part number of the chip you suspect.. there are many hundreds (perhaps thousands) of possibilities. 

That  said, serial EEPROM memories do eventually wear out. You could try removing the chip and replacing it with a new chip (they're very cheap, probably less than a dollar). It's possible that the chip will be detected as new and reprogrammed by the system processor to factory default values. The chip has to be programmed somehow and this is one way it can be done. If it doesn't work then put the old one back in and no harm done (assuming the person doing the replacement is competent). 

If the memory in the chip has simply been corrupted and the chip is still working, then you will need to find someone who has a service manual or knowledge from such a document, and this is not the place to find it.