Fashion chains Oasis and Warehouse have gone into administration, putting a question mark over 2,000 workers jobs.
The company has 92 branches and 437 concessions around the UK but has fallen victim to the crisis on the High Street that has been rapidly accelerated by the coronavirus lockdown.
Around 200 members of staff have been made redundant by administrators Deloitte and the rest have been furloughed while attempts are made to find a buyer.
The company’s online trading will continue “in the short term”.
Hash Ladha, chief executive of Oasis Warehouse, said: “This is a situation that none of us could have predicted a month ago, and comes as shocking and difficult news for all of us.
“We as a management team have done everything we can to try and save the iconic brands that we love.”
The Oasis and Warehouse Group has been looking for a saviour for weeks, according to reports.
But the coronavirus pandemic is eating into British high street businesses, which were already feeling the pinch before the outbreak started.
Debenhams last week entered administration for the second time in a year in a bid to protect itself during the shutdown.
Rob Harding, joint administrator at Deloitte, said: “Covid-19 has had a devastating effect on the entire retail industry and not least the Oasis Warehouse group.
“Despite management’s best efforts over recent weeks, and significant interest from potential buyers, it has not been possible to save the business in its current form.”
The coronavirus crisis has also forced Flybe to close its doors, and Carluccio’s and BrightHouse have also collapsed.
Other businesses are hoping to be able to re-open their doors when the lockdown is lifted, but some are now concerned at the high costs needed to reopen and restock stores once any restrictions are eased.
Landlords and retailers are also at an impasse, with reports that some landlords are threatening court action over unpaid bills.
Retailers are also keen to ensure they can access the Government’s furlough scheme funding ahead of payday at the end of the month.