Links of London has collapsed into administration in the latest blow to the high street.
The jewellery chain has 330 branches globally as well as concessions across the country.
The announcement follows a failed sale of the business by Greek owner Folli Follie and has put up to 350 UK jobs at risk.
Last month, Sky News reported that Mike Ashley was rumoured to be among two final bidders for the chain. But the business has now appointed business services firm Deloitte to oversee the administration.
Joint administrator Matt Smith said: "The company has had to contend with difficult trading conditions that have impacted the whole retail sector.
"The directors have been seeking alternative solutions, including consideration of a CVA, refinancing or sale, but have unfortunately been unable to conclude such a transaction.
"In light of ongoing cash flow pressures, this has left the directors with no choice but to place the business into administration."
Links of London will continue to trade for the time being and it is not yet known when stores will be closed.
The news comes as the retail sector continues to be blighted by difficulties.
Just this week, it was announced that Hays Travel had bought up Thomas Cook , and hopes to save 2,500 jobs.
