Watt Brothers goes into administration with 229 staff axed
More than 200 workers have been made redundant as administrators were appointed to the business.
Hundreds of jobs have been lost with immediate effect as Watt Brothers goes into administration.
Staff were informed of the redundancies on Friday morning as Blair Nimmo and Alistair McAlinden, of KPMG UK LLP, were appointed joint administrators of the family-owned business.
Upon their appointment the administrators said they had no choice but to axe 229 of the company's 306 employees.
Those remaining have been retained to assist the joint administrators to realise the company's assets, including stock and the freehold property.
They are now exploring whether an early sale of some of the business and assets can be secured.
Watt Brothers will continue to trade from the flagship store in Glasgow where a stock clearance event will begin on October 19.
Stores in Ayr, Clarkston, Clydebank, Falkirk, Hamilton, Irvine, Lanark, Livingston, Port Glasgow and Robroyston will all be affected.
Blair Nimmo, joint administrator and UK head of restructuring at KPMG, commented: "Despite the director's tireless efforts to increase margins, cut costs and recapitalise the business, Watt Brothers continued to incur trading losses as a result of the well-publicised challenges being experienced across the retail sector.
"Ultimately this has led to the unfortunate demise of a well-known and highly-regarded business.
"We will be holding a stock clearance event, and are grateful to the remaining staff for their efforts and assistance at this difficult time.
"We are working closely with Skills Development Scotland, via their PACE team, and JobCentre Plus to support the staff who have been made redundant.
"We would encourage any party who has an interest in acquiring the business and its assets to contact us as soon as possible."
Watt Brothers is a fourth generation family owned business incorporated in 1915 which operates a chain of department stores including its freehold flagship store on Sauchiehall Street, Glasgow and a further ten leasehold stores across Central Scotland.
The stores sell a wide range of well-known branded products across departments including: fashion, electrical, homeware, jewellery, outdoor pursuits, gifts, health and beauty.