Workers at a store in Luton are among those affected as news broke that firm Bathstore has gone into administration.
It is understood around 531 employees across the country will be affected as the chain's 135 stores are set to close - including its Luton branch at Hatters Way Retail Park.
In a report by the Daily Mirror, an inside source revealed that the announcement was made internally this morning following reports the firm had lost millions of pounds in the past two years.
Ryan Grant, business restructuring partner, stated: "Despite significant investment into the business over the past five years, Bathstore has struggled to overcome the well-documented challenges facing the UK retail sector.
"The appointment was made after several months of difficult trading, and the failure of ongoing talks to find a buyer for the business. Bathstore is continuing to trade in administration whilst the administrators seek a buyer."
Stores will continue to trade as administrators seek to find a buyer.