The company follows Jessops, HMV and Blockbuster in what has been a tough start to the year for the high street.
Gio-Goi had already closed down its three retail stores – in Aberdeen, Glasgow and Manchester – last year citing tough trading conditions.
Now the wholesale and design side of the company supplying clothing to several high street and online outlets has fallen into administration with the loss of more than 20 jobs.
KPMG has been appointed as administrator and is trying to sell the brand.
Jane Moriarty, from KPMG, said: "Following a restructuring programme last year, Gio-Goi was unable to return to growth levels enjoyed up until 2009 and has become another victim of the recessionary environment.
"We are now looking to sell the business and assets, and will continue to satisfy customer orders pending a sale of the business."
Gio-Goi first became popular as part of its close association with the Manchester music scene in the late 1980s.
It was relaunched in 2005 with investment from a group of backers including USC co-founders David Douglas and Angus Morrison.
The association with the music world has continued in recent years with artists including Plan B, Calvin Harris, Kasabian and Mike Skinner all seen wearing Gio-Goi clothing.
Pentland Brands, majority owner of JD Sports, took a 20% stake in Gio-Goi in 2008.