Oddbins has tumbled into administration putting 550 jobs at stake.
The off-licence chain has called in Duff and Phelps to handle the process while they attempt to find a buyer.
The retailer, owned by European Food Brokers, has 45 outlets and 101 off-licences across the UK. Its Wine Cellar Trading and Whittalls Wine Merchants businesses will also be affected.
A statement from Oddbins said: “The deterioration of the high street, combined with the continuing economic uncertainty surrounding the withdrawal of the UK from the EU, has resulted in an unsustainable, tough physical retail market.”
Earlier this week, the company warned of job losses and filed a notice of intent to appoint administrators following a turbulent period of trading.
Oddbins’ owner “continues to trade and is not an entity that has entered into administration”, the business confirmed.
It is the second time in a decade that Oddbins has gone into administration.