Fashion chain Select has fallen into administration, putting 1,800 jobs at risk at 169 stores nationwide.
The store, which has branches in Heanor and Ilkeston, has been struggling despite coming to an agreement April last year to cut rents at its stores.
Select's administrators said stores would continue to trade while all options for the business were assessed.
The budget women's clothing chain is owned by Turkish entrepreneur Cafer Mahiroğlu, who bought it out of administration in 2008.
Administrators will now try to find a buyer for all or parts of the value chain, which targets 18 to 35-year-olds.
Last year, the retailer used a company voluntary arrangement (CVA) to negotiate rent cuts of up to 75 per cent.
Business advisory firm Quantuma, which has been appointed as administrators to Select, said "prevailing High Street conditions" meant the turnaround plan the chain had tried had not succeeded.
Andrew Andronikou, joint administrator at Quantuma told the BBC: "We will continue to trade Select whilst we assess all options available to the business, with the aim of achieving the optimum outcome for all stakeholders."
"Options include a sale of the business, in addition to entering into discussions with those parties who have already expressed interest in acquiring the business."
Select joins a list of several high street stores have fallen into administration or used a CVA process.
Last year, House of Fraser fell into administration before being bought by Mike Ashley's Sports Direct.
And Debenhams announced the closure of 22 stores in April.