Around 1,600 jobs are under threat as fashion retailer Joules revealed it plans to appoint administrators after failing to secure vital cash investment.
The brand – famous for its posh wellies – said talks over an emergency cash-call with investors including its founder Tom Joule were unsuccessful and have ended.
The chain employs around 1,600 staff and has 130 shops.
The Garden Trading Company, which sells outdoor goods online mainly but also through stockists, was bought by the group last year.
The company said it said it would file a notice of intention to appoint Interpath Advisory as administrators to the firm and its subsidiaries “as soon as reasonably practicable”.
Joules said: “The board is taking this action to protect the interests of its creditors.”
It will suspend trading of its shares on the stock market due to the decision, adding that further announcements will be made “in due course”.
It has been struggling against the backdrop of rising costs and flagging sales as consumer budgets are squeezed by the highest inflation for 40 years.
Its imminent demise follows that of Made.com, the online-focused furniture brand, last week with the loss of almost 600 jobs.