Administrators of camera retailer Jessops have warned some store closures are inevitable.
Edward Williams, Rob Hunt and Matthew Hammond of PwC were today appointed joint administrators of the Jessop Group Ltd.
The chain employs around 2,000 people at 192 stores across the UK, including a branch in Exeter High Street.
PwC said Jessops' core marketplace had seen a significant decline in 2012 and forecasts for 2013 indicated this decline would continue. Its position deteriorated in the run up to Christmas as a result of reducing confidence in UK retail.
Mr Hunt said: "Over the last few days the directors, funders and key suppliers have been in discussions as regards additional consensual financial support for the business.
"However these discussions have not been successful. In light of these irreconcilable differences the directors decided to appoint administrators and we were appointed earlier today.
"Our most pressing task is to review the company's financial position and hold discussions with its principal stakeholders to see if the business can be preserved.
"Trading in the stores is hoped to continue today but is critically dependent on these ongoing discussions. However, in the current economic climate it is inevitable that there will be store closures."
Jessops is not currently honouring customer vouchers or accepting returned goods.
The company's turnover in 2012 was £236m.