Electronics company Maplin has become the second UK retailer on the same day to collapse into administration, putting another 2,500 jobs at risk.
The group, owned by private equity firm Rutland Partners, called in PwC today after attempts to rescue the chain failed.
It comes after Toys R Us UK also fell into administration, affecting over 3,000 staff.
PwC is still attempting to find a buyer for the group, which also has six outlets in Ireland, including two in Dublin and one each in Cork, Galway, Dundalk and Limerick.
"I can confirm that it has not been possible to secure a solvent sale of the business and as a result we now have no alternative but to enter into an administration process," Graham Harris, the company's chief executive said.
Mr Harris said that during the administration process, Maplin will continue to trade and remains open for business.
He added that the retailer has been struggling to mitigate the impact of the pound's devaluation post the Brexit vote, a weak consumer environment and the withdrawal of credit insurance.
"This necessitated an intensive search for new capital that in current market conditions has proved impossible to raise.
"These macro factors have been the principal challenge, not the Maplin brand or its market differentiation," Mr Harris added.
Edinburgh Woollen Mill, run by retail billionaire Philip Day, had been touted as a potential rescuer for Maplin.
But talks are thought to have broken down, leaving Rutland no alternative but to call in administrators.
UK retailers have been hit hard by falling consumer spending, soaring inflation and competition from online rivals.
"We believe passionately that Maplin has a place on the high street, and that our trust, credibility and expertise meets a customer need that is not supported elsewhere," the chief executive insisted.
