Kimberleys Fashion, which has nine stores across the country, has been put into receivership after decades in business.
BDO receivers Colin Gower and Andrew Grace were appointed to the company on Monday.
The retail chain has stores four stores in Christchurch, two in Auckland, one in Dunedin, one in Wellingtonand one in Nelson.
The Kiwi business was started by co-owners Marilyn and John McLaughlan.
The pair first stocked local labels and then began manufacturing their own knitwear for the stores in 1983. Today, the stores run four in-house labels along with a selection of imported garments from Europe, America, and Australia.
Kimberleys is the latest retail chain to fall upon hard times this year after Topshop and Topman was tipped into receivership early last month.
This May shoe retailer Banks Group, which runs 14 stores across the country under the brands Shoe Connection and Banks Shoes, was tipped into receivership.
High-end clothing retailer David Lawrence, which also owns Marcs, was placed into voluntary administration in February and all New Zealand stores shut down - though the Australian arm of the business continues to operate.
Retail analyst Chris Wilkinson from First Retail Group said Kimberleys was an "established and respected" independent fashion business.
"It's very sad to see the demise of these types of brands," he said. "Kimberleys ticked many of the boxes. They had good locations, they were well represented online, and their stores were well presented."
Wilkinson said that retail businesses which are not vertical - as in they buy to sell - face much tighter margins than their counterparts such as World and Trelise Cooper.
Finding a buyer for Kimberleys would be difficult, Wilkinson said, with retail businesses becoming leaner and leaner.
