The shoe seller Brantano went into administration this week, with more than 1000 jobs put at risk.
It is a little over 12 months since the retail chain was bought out of a previous period in administration by a company ultimately controlled by a firm of turnaround specialists.
But despite hopes that the business could be given a fresh lease of life, outlets have continued to struggle in the increasingly competitive footwear market.
The fall in the value of Sterling is also said to have hindered efforts to get the firm back on its feet.
The present owners, Alteri Investors, are now seeking a new owner for the business.
Administrators confirmed this week that the company would continue to trade as normal while efforts got underway to find a suitable buyer.
Brantano UK sells brands including Clarks, Kickers, Skechers, Hush Puppies and Puma.
The company was started in 1998 when Shoe City outlets were bought up by the Belgian-based retailer Brantano Footwear.
The business was then sold on to Alteri, which also owns Jones Bootmaker, in 2015.
There are a total of 73 outlets and 64 concessions across Britain, employing a total of 1,086 people. Seventy-one members of the workforce are based at the head office in Leicestershire.
In a statement issued by administrators it was stated that at least some redundancies would be “inevitable.”
