Jobs are expected to be lost after Barratts Shoes confirmed it has entered administration.
More than 1,000 positions in the UK and Ireland could be threatened by the move, which is the third time in recent years Barratts has gone into administration.
"At this stage redundancies and/or store closures cannot be ruled out," the firm said in a statement, adding Duff & Phelps has been appointed as the company's administrator.
Philip Duffy, Duff & Phelps partner, explained "difficult" trading conditions is among the reasons for the firm's latest failure.
He said: "In view of the financial position of the company and withdrawal of that equity offer the directors were left with no choice but to appoint administrators."
Recent research by R3 revealed that as many as a third of UK high street retailers were at risk of going out of business when their next rent payments were due.
Liz Bingham, president of R3, explained retailers have had a "tougher" time since the recession than companies in many other sectors.
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