Dozens of jobs in Lincolnshire are at risk after JJB Sports called in administrators to take over the company.
While it is unclear which stores will close at present, 180 stores across the UK are expected to be shut, affecting some 4,000 jobs.
JJB Sports in Lincoln is situated in St Mark’s Shopping Centre, with other county stores based in Boston, Grimsby and Scunthorpe.
The sportswear and equipment chain decided to call in administrators after a shortage of working capital, falling sales and competition from Sports Direct International and JD Sports.
In August the brand attempted to find a buyer for the company, but failed to receive an offer.
It is expecting KPMG to be appointed as its administrators and aims to sell off all its assets and brands within the next few days.
Its shares have already been suspended, but they closed on Friday at 0.4p on the London Stock Exchange.
The retailer said in a statement: “The board has determined that any sale of the trade, assets and brands will be effected through an administration process.
“Therefore, it is expected that the process to commence the appointment of administrators of the company and certain of its subsidiaries will begin today although the actual appointments are only likely to take effect just before the completion of any such sale.”
In 2008, JJB Sports suffered similar hardships in an attempt to keep on top of its rivals, having to close half of its stores and fundraise, and even shareholders such as the Bill and Melinda Gates Foundation could not save the company.