Vacuum cleaning giant Godfreys has entered voluntary administration after 90 years.
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It's anticipated 54 stores will close within 14 days as a result of immediate restructuring, affecting 193 jobs - 171 of those in Australia.
PricewaterhouseCoopers' (PwC) Craig Crosbie, Robert Ditrich and Daniel Walley have been appointed as voluntary administrators of the company's Australian entities.
Jane Allen, the daughter of Godfrey's co-founder the late John Johnston, said the Godfreys Group was "deeply saddened" to announce the news.
She said some employees had been with the group for up to four decades and it was "a very emotional time".
"Sadly, like many retailers, we have been heavily impacted by consumer confidence and spending due to the economic era of high inflation, rising interest rates, and intense cost of living pressures," Ms Allen said.
"We are also still suffering from the unprecedented business disruptions of the COVID-19 pandemic.
"Despite our best efforts to improve profitability through various platforms, unfortunately, Godfreys has been hit by conditions beyond our control."
There are 141 stores and more than 600 staff employed across Australia and New Zealand, as well as 28 stores run by franchisees.
The company's first store was opened in Melbourne in 1931.
Ms Allen said the decision would result in some store closures and redundancies.
"While it's deeply regrettable, we need to take this action," she said.
"This decision has been made in the best interests of our employees, together with our customers - it's about securing the company's future."
Administrator Mr Crosbie said Godfreys had faced a "challenging economic and operating environment" like many other retailers.
"Our aim is to move quickly to restructure Godfreys to preserve as much of the business and as many jobs as possible," he said.
"We intend to trade the restructured store network and sell the business and assets as a going concern, with strong interest expected from prospective buyers."
Godfreys' director Grant Hancock said the decision to appoint administrators was "difficult", but was "made with the best interests of Godfreys' employees, customers and broader stakeholders in mind".
The first meeting of creditors is being held on February 9.
