UK clothing and homeware group Joules has said it plans to appoint administrators in a move that could put about 1,600 jobs at risk.
The company, which has 132 shops, said it was making the move after talks with potential investors failed to secure extra funds.
Joules Group also said it was suspending trading in its shares.
It is the latest retailer to hit trouble as consumers cut spending in the face of the soaring cost of living.
Last week, furniture retailer Made.com fell into administration, leading to hundreds of job losses.
Joules was founded by Tom Joule, and started out selling clothes at country shows in 1989.
Mr Joule said he had started the firm with "one man, one tent and a lot of enthusiasm", finding a niche in the market when he realised there was a demand for colourful clothing amid the standard tweeds worn to such events.
As well as the Joules stores and online business, the Joules Group also runs the online-only Garden Trading Company.
Last week, the Leicestershire-based firm said that recent trading had been weaker than expected. It said this largely reflected "the challenging UK economic environment which has negatively impacted consumer confidence and disposable income".
It also said that sales of "outerwear, wellies and knitwear" had been hit by milder-than-expected weather.
Earlier in the year, Joules had been in talks with Next over the possibility of the High Street giant taking a stake in the company, but this came to nothing.
In a statement on Monday, the company said it had resolved to file a notice of intention to appoint administrators "as soon as reasonably practicable".
"The board is taking this action to protect the interests of its creditors," it added.
Joules Group listed its shares on London's junior stock exchange market Aim in 2016, and at the time was valued at £140m.
Source: BBC
Image source: Joules
