The UK arm of lingerie retailer Victoria's Secret has collapsed into administration, putting more than 800 jobs and 25 stores at risk.
The company, which runs branches across the UK, has called in Deloitte for a "light touch" administration, after being hit by the closure of high streets during the pandemic.
Administrators will try to find a buyer for its assets, or re-negotiate its rents, in a bid to pull it out of administration.
Victoria's Secret had already furloughed 785 of its workers before appointing administrators - it is understood that all workers will remain on the job retentions scheme until an outcome is agreed.
Deloitte administrator Rob Harding said: "This is yet another blow to the UK high street and a further example of the impact the Covid-19 pandemic is having on the entire retail industry.
"The effect of the lockdowns, combined with broader challenges facing bricks and mortar retailers, has resulted in a funding requirement for this business, resulting in today's administration.
"We will now work with the existing management team and broader stakeholders to assess all options available for the future of the business.
"As administrators we'd like to thank them and all of the employees for their support, at what we appreciate is a difficult time."
In November, the firm also announced plans to permanently cancel its annual star-studded fashion show, following months of speculation.
The decision was announced by L Brands, which owns the lingerie store, during a conference call with analysts a week before.
"We think it’s important to evolve the marketing of Victoria’s Secret," Stuart B Burgdoerfer, chief financial officer and executive vice president of L Brands, said.
The controversial show, which is estimated to cost the business more than $12million a year, saw its lowest ever ratings in 2018 - at just 3.2million viewers.
"We recognise and appreciate the communication of the brand, the offerings, the emotional content of Victoria’s Secret is obviously an important thing."
The chain's announcement follows in the footsteps of a number of high street businesses that have gone into administration since the start of the coronavirus pandemic.
Cath Kidston, Debenhams and Laura Ashley have all hired consultancy firms - and many may never be seen again.
Last Friday, Frankie and Benny's owner The Restaurant Group (TRG), said a significant number of stores are set to permanently close down.
The retailer employs 12,000 people across its 500 branches.
A New Look spokesperson said: "As we look towards beginning to safely reopen stores, we can confirm we are in discussions with landlords regarding rental arrangements which fairly reflect the retail operating environment."
The fashion chain joins a string of well-known brands, including Café Rouge, Prezzo and Wahaca, which have entered crisis talks since the start of lockdown.
Many are looking to close branches and renegotiate tenancy costs as coronavirus rent holidays come to an end.
