The parent firm of fashion retailer Joules has warned the company is on the brink of collapse, putting 1,600 jobs at risk.
Joules Group, which also owns The Garden Trading Company, revealed it was to file a notice of intention to appoint administrators after failing to secure new cash funding.
The brand had held emergency talks with investors after warning it may not be able to repay a £5million loan by the end of the month.
Joules Group - which was founded by Tom Joule in 1989 - has also requested that shares in the company are suspended this morning.
The notice to appoint administrators doesn't mean the company has collapsed yet, but is heading toward administration.
In a statement released today, Joules Group said: "On 7 November 2022, the company announced it was in advanced discussions with a number of strategic investors to provide a cornerstone investment in an equity raise process.
"The company also announced it was in discussions regarding a bridge financing proposal in order to enable continued progress to be made with the re-financing plans referred to above.
"The board confirms these discussions with various parties have not been successful and have now terminated."
Joules Group said it would file a notice of intention to appoint Interpath Advisory as administrators "as soon as reasonably practicable".
Joules - which has around 130 UK shops - sells clothing and homeware products inspired by the countryside and is most famous for its posh wellies.
The company had been valued at around £140million when Joules listed its shares on the London market in 2016.
The Garden Trading Company, which was brought by Joules Group last year, sells outdoor goods online and through stockists.
When a business enters administration, it doesn't necessarily mean it will close down.
The control of the company is passed to the appointed administrator who will look at how to sort its debt and other financial difficulties.
Companies can be bought out of administration too.
The update from Joules comes after Made.com collapsed into administration last week, with thousands of customers now facing uncertainty over refunds and orders.
The struggling furniture chain stopped taking new orders three weeks ago and filed a notice to appoint administrators shortly after.
Next has purchased its brand, website and intellectual property for a reported £3.4million - but it won't be buying the remaining stock.
Made.com employed 573 permanent members of staff at the time of its collapse.
