Office stationery brand Staples is to disappear from the UK high street - putting 1,100 staff at risk.
The US owner has sold the struggling UK arm of the business, which operates 106 stores in Britain, to restructuring specialist Hilco for a "nominal sum".
Hilco said it would phase out the Staples brand in the UK over the coming months but it did not disclose its plans for the stores and the staff.
According to its most recent accounts, Staples' UK retail operations reported pre-tax losses of £5 million for the year to the end of January 2015, narrowed from losses of £7.1 million a year earlier.
But its online arm and business-to-business division in the UK have been performing better than the stores.
Paul McGowan, of Hilco Capital, said: "While retail in the UK has been challenged recently, a team led by retail veteran Alan Gaynor will work alongside the existing management team to build a plan for success for the business."
Hilco Capital owns a number of retailers in the UK, including music chain HMV.