Camera chain Jessops called in the administrators today, putting 2,000 jobs at risk.
PricewaterhouseCoopers (PwC) has stepped in and said store closures were "inevitable." It also said Jessops would not take customer vouchers or accept returned goods.
Administrator Rob Hunt said PwC was holding discussions with stakeholders to see if the business could be saved.
There was speculation suppliers such as Canon were considering injecting cash into Jessops but no deal materialised.
The announcement marks the first high-profile retail collapse of 2013 and follows consumer electricals chain Comet hitting the wall hammering more than 6,000 jobs.
Jessops, like many high-street retailers, has suffered from online competition and the boom in camera phones, which has hit demand for digital cameras.
If you appreciated this article then please consider donating to the Morning Star's Fighting Fund to ensure we can keep developing your paper.
Donate to the Fighting Fund here
Communities across Britain should be on guard against the efforts of troublemakers to set us against each other in the wake of the sickening butchery of soldier Lee Rigby in Woolwich.
Attacks such as yesterday's horrific murder in Woolwich didn't happen before the 'war on terror.' It's time we recognised the consequences of the conflicts we've unleashed
Why the US Department of Justice and the Serious Fraud Office are investigating the bank's deals in the Middle East