The owner of clothing chains Peacocks and Bonmarche which have over 20 stores in Northern Ireland said it planned to place both businesses into administration.
The Peacock Group, which employs a combined 11,000 staff, said it made the decision after discussions with lenders over the future of the group broke down.
The parent company said it would seek a potential buyer for the Bonmarche business, which includes some 394 stores, but will appoint an administrator in the meantime. There are around 13 Peacocks stores in the province and 12 Bonmarche units.
Elsewhere, gift retailer Past Times fell into administration and confirmed 507 staff were made redundant before the move, with a further 67 job losses announced when KPMG were appointed administrator.
The private equity-owned group has just one store in Northern Ireland, located in Belfast's Fountain Street.