Barratts Shoes, which employs 1,035 people in the UK and Ireland, has entered administration for the third time in four years.
Directors at the Bradford-based chain were left with no choice after an investor pulled out of a plan to inject £5 million at the end of last week as the company sought to shore up its finances, according to a statement.
Philip Duffy and David Whitehouse of financial advisory and investment banking firm Duff & Phelps were appointed administrators on Friday afternoon and have refused to rule out redundancies or store closures.
Barratts Shoes operates from 75 stores and 23 concessions across the UK and Ireland, employing 1,035 people, of whom 521 are part time, the statement said.
Last January, a management rescue plan saw the chain rebranded as Barratts after Barratts Priceless suffered a financial collapse.