Fashion chain Jaeger has collapsed into administration, putting 700 high street jobs at risk.
The group's directors have appointed AlixPartners to oversee the process following failed attempts by the company's private equity owner, Better Capital, to sell the struggling business.
Jaeger - which employs around 680 staff across 46 stores, 63 concessions, its London head office and a logistics centre in Kings Lynn - had been on the market for around £30 million.
However, no buyer materialised and last week Better Capital sold Jaeger's debt to a company understood to be controlled by the retail billionaire Philip Day, who heads up Edinburgh Woollen Mill.
A statement by AlixPartners explained that the request was made after Jaeger was "unable to attract suitable offers despite a lengthy and well-publicised sales process."
Insiders now expect most of Jaeger's stores to close down, although the brand is likely to survive as part of the Edinburgh Woollen Mill stable, which also includes Jane Norman, Peacocks and Austin Reed.