Richard Hill and Joff Pope of KPMG have been appointed joint administrators and are seeking a buyer for the business as a going concern.
The family-owned company employs 277 people in its 27 stores throughout the South West and Wales.
The business closed 10 stores and made 65 employees redundant following the appointment of administrators.
The administrators will continue to trade the remaining 17 as normal.
In early October Stokes closed 10 stores as part of an effort to cut costs from the business, which posted pre-tax losses of £643,566 in 2009.
Richard Hill, joint administrator and partner at KPMG, said: "Unfortunately, declining sales in some stores have resulted in losses being incurred.
"Despite efforts to reduce costs, these losses have resulted in significant cash flow problems and the company was unable to continue without a radical restructuring."