A chain of clothing stores with eleven branches in Sussex has fallen into administration.
Along with fashion shops under the "Jaeger" label, the owners of Peacocks have been looking for a buyer for the last two weeks.
More than 4,700 jobs are at risk, nationally.
It comes after owner EWM group, controlled by retail billionaire Philip Day, passed a deadline to find a purchaser.
Between them the brands have about 500 stores.
The group said it had to take the "desperately difficult" decision despite having been in "constructive discussions" with potential buyers in recent weeks:
"The continuing deterioration of the retail sector due to the impact of the pandemic and second lockdown have made this process longer and more complex than we would have hoped."
Talks were ongoing but a deadline imposed by the High Court could not be pushed back any further, the group added.
According to Sky News, the announcement was the latest sign of the devastating impact the pandemic is having on businesses across the economy — and on the same day that figures showed one in seven firms fear they will not make it beyond the next three months.
London-based Jaeger has 76 stores and concessions, employing 347 staff, while Cardiff-based Peacocks operates 423 stores with 4,369 staff, FRP said.
The appointment of the administrators has not resulted in any immediate redundancies or store closures.
Tony Wright, joint administrator and partner at FRP, said:
"Jaeger and Peacocks are attractive brands that have suffered the well-known challenges that many retailers face at present.
"We are in advanced discussions with a number of parties and working hard to secure a future for both businesses."
EWM Group had already placed its Edinburgh Woollen Mill and Ponden Home brands into administration earlier this month.
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