Photography company Olan Mills, which employs 950 staff in 97 stores across the UK, has gone into administration.
Digital cameras have changed the way consumers take photographs
The Wellingborough-based firm has been making significant losses over recent years, the administrators KPMG said.
They added that despite refinancing and management changes, it was not possible to turn the company around.
KPMG said that the majority of staff would be made redundant, and the firm would not be able to honour existing appointments or refund monies paid.
"Management have been working hard to secure a sale of the business over recent weeks, but despite their best efforts a satisfactory deal could not be concluded," said administrator Richard Philpott.
He added that the company was looking at selling off its assets.
"All stores have now closed and we are unable to fulfil any outstanding orders or appointments," the administrator said.
Should you need to get in touch with the administrators, then they can be reached at 2 Cornwall Street, Birmingham, B3 2DL.
However, the administrators pointed out that "at this stage we do not anticipate that any funds will be available to enable a distribution to unsecured creditors".