Administrators have said that all 120 Austin Reed stores will close by the end of June at the cost of 1,000 jobs. Administrator AlixPartners said it would start to close down the menswear retailer as no feasible offers had been received for the business.
Austin Reed fell into administration last month, due to "challenging" retail market and cashflow issues. The breakdown means that the 116-year-old brand could disappear from the High Street.
Joint administrator, Peter Savile said: "Despite a significant number of interested parties coming forward during this period, it became clear as the process progressed that a viable solution which kept the business whole was not forthcoming.
"As a result we have made the difficult decision to cease trading the business and commence a wind-down of the estate."
Five Austin Reed concessions located in the north of England in the Boundary Mills outlet villages have been sold to the owners of the Edinburgh Woollen Mill, resulting in the relocation of 28 staff.
The retailer's collapse follows the recent news of department store chain BHS going into administration, which put 11,000 jobs under threat. Administrators could announce a sale of some BHS stores later this week.
The Austin Reed website is no longer accepting new orders, however any purchases already placed will be despatched and gift vouchers can still be used in stores but not online.
The retailer's sales had been falling in recent years, with analysts blaming a poorly designed website and "tired" looking stores.
Austin Reed was last listed on the London Stock Exchange in 2006, when it was taken private by an investment firm for £49m.
