Department store Beales went into administration on Monday, putting more than a thousand jobs at risk.
KPMG was appointed administrator after efforts to save the business or find a buyer failed.
Beales, which continues to trade through 23 stores, experienced mounting losses in recent years. Owner Tony Brown, who led a management buyout last year, blamed high rents and rates for the collapse, on top of adverse trading conditions.
He hopes that Beales, which was established in 1881 in Bournemouth, will continue to operate as a going concern while weighing up further options.