The fashion chain Jaeger collapsed into administration on Monday, 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, founded in 1884, is famous for its woollen coats and suits, but the company has struggled in the past few years to stand out in a fiercely competitive fashion retailing market.
Jaeger has approximately 680 staff in its 46 stores, 63 concessions and head office in London and logistics centre in Kings Lynn in eastern England.
The administrators said the company would continue to trade while they worked with all stakeholders to find the most appropriate route forward.