The Merseyside-based company, which has 300 stores across the UK, had recently completed a financial restructuring plan.

Philip Duffy and David Whitehouse, partners in Menzies Corporate Restructuring (MCR), have been appointed joint administrators.

Mr Duffy said: "At this stage, it is too early to be certain about the exact reasons for the financial difficulties.

"Our primary concern is to ensure that the business continues to trade in the coming weeks and that a suitable buyer is found.

"Despite the current challenges faced by the retail sector we remain confident that a buyer can be found.

"Ethel Austin has a good brand and good customer base and this, together with its national coverage, should make it an attractive opportunity for a retailer.

"We appreciate that this is a worrying time for staff and are therefore keen to keep them informed of progress."

The business was formed by Ethel and George Austin in their Anfield, Liverpool council house in 1934. MCR said the latest annual turnover for the firm was around £150 million.

The company employs around 2,800 staff throughout its stores and the company headquarters in Knowsley.