High Street retailer Bonmarché has gone into administration, putting nearly 2,900 jobs at risk.
The shop chain has become the latest victim of a “sustained period of challenging conditions”, said its administrators.
The women’s outfitter employs 2,887 staff and has 318 stores across Britain.
FRP Advisory has been appointed to secure the future of the company.
Tony Wright, an administrator, said:
“Bonmarché has been a staple on the UK high street for nearly three decades, but the persistent challenges facing retail have taken their toll and led to the administration.
“There is every sign that we can continue trading while we market Bonmarché for sale and believe that there will be interest to take on the business.”
He added that “all stores remain open and no redundancies have been made”.
High business rates, rising wages and a markedly decreased High Street footfall has hit the company.
It is the second time Bonmarché has fallen into administration in seven years.