British department stores group BHS was placed into administration on Monday, putting the 88-year-old retailer in danger of disappearing from the high street and placing 11,000 jobs at risk.
Once a mainstay of the British high street, BHS has been in decline for years, unable to keep up with demand for fast fashion, online sales and improved customer services.
BHS employs about 8,000 people, while a further 3,000 contractors work with the company's 164 stores. Going into administration, a form of creditor protection, means it is Britain's most high-profile retail casualty since Phones4U in 2014 and Woolworths in 2008.
It could also increase scrutiny of BHS's former owner Philip Green, the billionaire retail boss who sold the firm for one pound last year to a collection of little known investors called Retail Acquisitions. He bought it for 200 million pounds in 2000.
With a pension deficit of 571 million pounds ($828 million), the pensions regulator is investigating whether BHS's previous owners sought to avoid their obligations.