Thousands of British jobs are at risk after fashion retailers Peacocks and Jaeger fell into administration.
Bosses at the the companies have failed to find buyers, putting their future on the high street in doubt.
The two companies were put into administration this afternoon after a two-week deadline to find a buyer passed.
Earlier this month, a spokesperson for owner Edinburgh Woolen Mill Group said they had been speaking to several potential buyers who were interested in parts of the business.
Jaeger runs 76 stores and concessions and has 347 employees while Cardiff-based Peacocks has 4,369 staff across 423 stores.
Tony Wright, joint administrator of the business from FRP Advisory, said: “Jaeger and Peacocks are attractive brands that have suffered the well-known challenges that many retailers face at present.
“We are in advanced discussions with a number of parties and working hard to secure a future for both businesses.”
No redundancies have been announced yet and no stores have been closed.
A spokesperson for EWM Group said: “In recent weeks we have had constructive discussions with a number of potential buyers for Peacocks and Jaeger Ltd but the continuing deterioration of the retail sector due to the impact of the pandemic and second lockdown have made this process longer and more complex than we would have hoped.
“While those talks are ongoing, we no longer have an option to extend the standstill agreement originally imposed by the High Court six weeks ago any further.
“Therefore, as directors, we have taken the desperately difficult decision to place Peacocks and Jaeger into administration while those talks continue.
“We will continue to do all we can to support FRP Advisory in trying to secure the best outcome possible for these businesses.”