Around 16-hundred jobs are at risk at Joules - with the fashion retailer expecting to appoint administrators shortly.
The brand says talks with investors aimed at getting some emergency cash in have failed.
It has 130 shops including Hereford and is also suspending trading of its shares on the stock market.
Joules said: “The board is taking this action to protect the interests of its creditors.”
It will suspend trading of its shares on the stock market due to the decision, adding that further announcements will be made “in due course”.
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