Links of London has collapsed into administration, placing 350 jobs at risk.
The British jewellery retailer has appointed Deloitte as administrators to oversee the process as the business continues trading for the time being.
Links of London currently trades from 28 standalone stores and seven concessions across the UK and Ireland.
Deloitte said the retailer will continue trading while it looks at sale options, but it could sell stock and assets over a period of trading “for the benefit of the company’s creditors”.
The administration follows a failed sale process initiated by its struggling Greek owner, Folli Follie – which was found to have overstated its 2017 revenue by more than €1 billion (£888 million), according to an audit from PwC.
Deloitte said Links of London has struggled to cope with “difficult trading conditions”.
It also said that “in light of ongoing cash flow pressures”, Deloitte directors were left with “no choice” but to place it into administration.
Mike Ashley’s Sports Direct was among two final bidders for the chain, Sky News reported in early September.
In its most recently filed accounts for the year to December 2017, Links of London recorded a sales decline of 12 per cent to £42.9 million and plunged to a £20.5 million pre-tax loss.
“The company is well-known in its market, having been present on British high streets for almost 30 years,” joint administrator Matt Smith said.
“This is not the outcome we hoped for and will of course be difficult news for employees and their families.
“We appreciate the support of management and we will continue to support employees through this time.”
Links of London is the latest retailer to collapse into administration, with Bathstore filing for administration earlier this year, while Sir Philip Green’s Arcadia managed to secure seven CVAs after 75 per cent of its creditors approved of its rescue deal in June.
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