Electricals retailer Maplin has collapsed into administration, putting 2,500 jobs at risk.
The 40-year-old firm said it had been hit by the impact of the Brexit-hit pound, a "weak consumer environment" and the withdrawal of credit insurance.
Administrators PwC said there are no immediate plans to close any stores or make any redundancies, although this will remain under review.
Outstanding customer orders will be delivered as usual and the administrators are currently assessing the status of gift cards. In the meantime, gift cards will continue to be honoured in stores and online.
It is the second company to call in the administrators on Wednesday after Toys R Us also announced it has collapsed on a bleak day for the British high street.
The group, owned by private equity firm Rutland Partners, called in PwC on Wednesday after attempts to rescue the chain failed.
Maplin has 217 stores in the UK, and PwC is still attempting to find a buyer for the group.
Graham Harris, the company's chief executive, said: "I can confirm this morning that it has not been possible to secure a solvent sale of the business and as a result we now have no alternative but to enter into an administration process.
"During this process Maplin will continue to trade and remains open for business."
Edinburgh Woollen Mill, run by retail billionaire Philip Day, had been touted as a potential rescuer for Maplin.
But talks are thought to have broken down, leaving Rutland no alternative but to call in administrators.