Chocolate retailer Thorntons is set to close all of its 61 stores, putting 603 jobs at risk.
A statment blamed "changing dynamics" on the high street, combined with the impact of Covid-19, although the brand will continue online.
The company, which was founded in Sheffield in 1911, was bought by Italian food giant Ferrero in 2015 for £112 m.
Thorntons invested £45m into transforming its operations, including new-format stores and cafes, but saw its turnaround plan thrown off course by the pandemic.
Ferrero said it will continue to invest in the business and hopes to grow its international supply business from its factory in Alfreton.
The stores to be closed include Scottish outlets at the St Enoch Centre, Buchanan Street and Silverburn in Glasgow, as well as Dunfermline, Inverness, Livingston and Stirling.
A spokesperson said: "We have been committed to transforming and growing a successful Thorntons retail estate; this has included significant investments to open new format stores and cafes and ensuring we had stores in the right locations.
"However, changing dynamics of the high street, shifting customer behaviour to online, the ongoing impact of Covid-19 and the numerous lockdown restrictions over the last year - especially during our key trading periods at Easter and Christmas - has meant we have been operating in the most challenging circumstances.
"Unfortunately like many other retailers, the obstacles we have faced and will continue to face on the high street are too severe.
"Despite our best efforts we have taken the difficult decision to go into full consultation to start the permanent closure of our retail store estate - we understand that this will be an uncertain and concerning time for our colleagues and we will actively support them during this period."
The company stated that it would continue to invest in grocery channels with partner supermarkets in order to meet customer demand.
"We remain committed to our iconic Thorntons brand and will continue to invest further in the future potential to ensure we evolve with the times," the statement added.
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