Camera chain Jessops is the latest high street retailer to fall into administration, putting jobs at its three Lincolnshire stores at risk.
Administrators PwC were appointed on Wednesday and said that store closures and job losses were "inevitable".
It has also been revealed that customers will not be able to use vouchers or return goods at any of the stores, including the branches in Lincoln High Street, Grimsby and Boston.
Turnover in the year to December 31, 2012, was £236 million, with Jessops employing around 2,000 people at its 192 stores.
But its position in the marketplace has seen a significant decline and forecasts for 2013 indicated that this decline would continue.
Rob Hunt, joint administrator and partner at PwC 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."
Employees have been told they will continue to be paid as normal, if they come to work.