Discount jewellers Gemstone Retail and Gemstone Operations will be managed by joint administrators Simon Thomas and Robert Pick.
Despite 78 HPJ and Jewel Nation stores emerging from administration in February this year the shops still suffered financial difficulties and a turnover 10% below budget.
Restructuring efforts including store closures, stock clearance sales and operational improvements all failed to boost its prospects.
The stores will continue to trade throughout the festive period in a bid to maximise the value of the gift-oriented stock.
Thomas explained: “It is regrettable to see familiar retail names fall victim to the current conditions.
“It appears every responsible step was taken to rationalise the business and protect jobs, but Moorfields’ priority now is to protect the interests of creditors by trading the business in Administration to realise its assets.”
A Notice of Intention to Appoint an Administrator filed last month in an attempt to sell the business and assets as a going concern.
Although offers were received for the business the final bids failed to guarantee creditors a better return than the realisation of assets.
Robert Pick of Moorfields added: “We are continuing to explore the possibility of a sale of the business and assets.
“The business may yet prove an opportunity for the right buyer.”
By Andy Pearce