Department store Bennetts which opened its first store in Derby in 1734 has gone into administration.
It has been dubbed the world's first department store.
The store manager said that despite it near 300 years of history, its loyal customer base has not been enough to keep it going during a difficult period on the high street.
It blamed weakening consumer confidence, increasing competition from online and escalating costs.
Administrators Bridgewood Financial Solutions have been appointed for its Derby and Ashbourne stores.
The administrators told ITV News Central that the 'a small number of redundancies were required to be made, but the majority of staff have been retained.'
The doors did open today for trading and the management told us they are hopeful that a buyer for the business will be found.
Bennetts is an iconic retail brand which, over many years of trading, has earned a reputation for offering good quality products and great customer service.