Fashion chain Select, which has stores in Skegness and Boston, has fallen into administration.
Nationwide, 1,800 jobs are at risk at its 169 stores. The firm, which targets women aged 18-45, told the BBC it would continue to trade while all options for the business were assessed.
We will continue to trade Select whilst we assess all optionsAndrew Andronikou, joint administrator at Quantuma
This is another blow for the high street, following the recent closure of M&S in Boston. Select has had stores in Lumley Road, Skegness and Pescod Square in Boston.
Turkish entrepreneur Cafer Mahiroğlu, bought Select out of administration in 2008.
Last year, the retailer - which has annual sales of £77m - used a process called a company voluntary arrangement (CVA) to negotiate rent cuts of up to 75% from its landlords.
However, administrators Quantuma has said the turnaround plan the chain had tried had not succeeded.
“We will continue to trade Select whilst we assess all options available to the business, with the aim of achieving the optimum outcome for all stakeholders,” Andrew Andronikou, joint administrator at Quantuma, told the BBC.
“Options include a sale of the business, in addition to entering into discussions with those parties who have already expressed interest in acquiring the business.”