Zolfo Cooper has been drafted in as administrator of fashion group Jane Norman.
Further details on what happens next to the 90-store retailer were expected this afternoon but have not yet emerged.
A Zolfo Cooper spokesman said: “Following a period of testing trading conditions, the company has experienced severe cash flow difficulties which resulted in the board requesting the appointment of the administrators. Discussions continue with relevant parties and further detail will be provided when made available.”
Jane Norman is the latest retailer fomerly backed by Icelandic investors to collapse under its debts, thought to be about £140m. After the Icelandic financial crisis and collapse of Baugur, it fell under control of a wide variety of lenders whose interests do not always coincide.
Despite the retailer’s administration it is possible that at least part of it may be rescued. Department store Debenhams is interested in the brand. Edinburgh Woollen Mills and the management team behind Oasis-owner Aurora, have also been assessing potential deals as has private equity firm Sun Capital Partners.