Convenience chain McColl's has gone bust putting dozens of jobs in its 18 Lanarkshire stores at risk.
Over 1000 stores (1100) and 16,000 jobs are at risk across Scotland after the retailer confirmed the news and will appoint administrators.
McColl's said discussions with its lenders collapsed on Friday as creditors refused to extend a deadline for the retailer to find more cash.
Supermarket giant Morrisons, which is a major wholesale partner, also tabled a last-ditch effort to buy the business.
However, the company confirmed "the lenders made clear that they were not satisfied that such discussions would reach an outcome acceptable to them".
McColl's have appointed PriceWaterhouseCoopers as administrators after being "left with no choice" but to put the firm into administration.
The company said in a statement to the London Stock Exchange: "In order to protect creditors, preserve the future of the business and to protect the interests of employees, the board was regrettably therefore left with no choice other than to place the company in administration, appointing PriceWaterhouseCoopers as administrators, in the expectation that they intend to implement a sale of the business to a third-party purchaser as soon as possible."
McColl's will apply to the court later today to appoint the administrators.
It is understood that Morrisons is still interested in a takeover, while it has been reported that forecourt giant EG Group is interested in a deal.
Back in March, McColl's confirmed a takeover bid to buy the company had been withdrawn, but that a number of parties were looking to buy different parts of the business.
The firm also confirmed earlier this year that it was working through £97m of debt difficulties with lenders, seeking a long-term agreement in relation to the balance of its facility.
Now, the company - with some 16,000 employees, the majority of whom are part-time - noted the administrators would be called in but insisted that discussions are still ongoing.
Of it's Lanarkshire stores, five are in Hamilton, one in East Kilbride and one in Lanark.
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