Cut price shoe retailer Brantano has entered administration, just over a year after being saved by turnaround specialists Alteri Investors.
The firm operates 73 stores and 64 concessions across the UK, employing 1,086 staff.
Brantano has experienced "difficult trading conditions" since being bought back out of administration in February 2016.
Alteri attempted to streamline the business and make it in more "commercially viable" before putting the firm up for sale.
Reports surfaced on Sky News yesterday that rival Shoe Zone was battling with Edinburgh Woollen Mill to buy the firm.
But PwC were today drafted in as administrators by Alteri, a decision that was taken because of a lack of buyers, PwC said.
In October 2015, Brantano was bought by Alteri together with Jones Bootmaker.
Brantano was put into administration in January 2016 before being bought back by Alteri one month later in a move to streamline the business.
“Despite significant improvements in the business and reductions in the cost base, trading has continued to suffer in a depressed and competitive footwear market," said PwC's Tony Barrell.
"Like many other retailers, Brantano has also been hit hard by the sharp decline in sterling, the ongoing shift in consumer shopping habits and the evolution of the UK retail environment.
“The administrators are continuing to trade the business as normal whilst assessing the trading strategy and any interest in parts of the business over the coming days and weeks.
However, regrettably, it is inevitable that there will be redundancies. Staff will be paid their arrears of wages and salaries, and will continue to be paid for their work while the business is in administration.