Patisserie Valerie has collapsed into administration after the fall through of rescue talks with banks.
Administrators KPMG will close 70 outlets immediately. The remaining 121 will continue to trade with the hopes of finding a buyer.
According to the BBC, up to 900 of the 3,000 staff will face redundancy.
In October, the company discovered ‘significant, and potentially fraudulent, accounting irregularities.’
Chairman and largest shareholder Luke Johnson has personally loaned an unsecured, interest-free loan of £3 million in order to ensure that January wages can be paid.
