Menswear retailer Greenwoods has entered administration, placing 318 jobs at risk as it explores a potential sale.
The UK-based retailer trades from 68 stores across the UK as well as in two concessions.
Deloitte has been brought in to handle the administration, with partners Adrian Berry and Clare Boardman handling the process.
Greenwoods, which has an annual turnover of £20 million, said it would continue trading and has not yet confirmed any redundancies.
“We are currently assessing the options available to the company, including a potential sale of the business, and are continuing to trade it in the meantime,” Berry said.
“No redundancies are being announced at this stage and we are grateful to the employees for their support at this difficult time.
“This is a challenging time for the UK retail sector, which has affected the company.”