Around 400 jobs are at risk after homewares retail chain The Pier today became the latest victim of the economic turmoil.
The group, which has 31 stores and 17 concessions across the UK, has been placed into administration.
Joint administrators at Mazars said the retailer would continue to trade as normal while it seeks a buyer for the business.
The Pier employs around 350 staff within stores and 57 in its head office in Abingdon, Oxfordshire.
Rod Weston, partner at Mazars and joint administrator, said: "The company has encountered difficulties due to the harsh trading conditions associated with the current economic climate.
"While in administration, the business will continue to trade as normal. We are now reviewing options and are seeking a buyer for the business as a going concern."
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