Department store McEwen's of Perth has gone into administration, putting 130 jobs at risk.
It has been reported that the family-run store, which opened almost 150 years ago, will go into administration at 1pm today.
A spokesperson said that, despite an 'exhaustive search', it has run out of options.
The store was placed into GRC, the recoveries arm of the Royal Bank of Scotland in 2010.
In a statement owners John and Georgina Bullough: "Despite these difficulties, we have worked hard with little to no working capital but with fantastic and loyal staff, to make McEwens the very best it could be.
"Sadly this has not delivered the increase in trade that was necessary to keep the business solvent."
Politicians and celebrities have expressed their shock at the news on Twitter.
Very sorry to hear that @McEwensOfPerth has gone into administration. Worrying time for staff and I will do all I can to find a solution.
— John Swinney (@JohnSwinney) March 24, 2016
Sad day 4 Perth: @McEwensOfPerth in administration, 130 jobs in balance. Can buyer be found? @C_GHuband @ScotTories pic.twitter.com/wLxLdvE7uY
— Ian Duncan MEP (@IanDuncanMEP) March 24, 2016
Dreadful news about @McEwensOfPerth this morning. It holds an iconic place in Perth city centre. Hoping to speak to them this afternoon.
— Pete Wishart (@PeteWishart) March 24, 2016
@The_PA stunned to hear @McEwensOfPerth has gone into administration.Real blow to city economy. Updates to follow. pic.twitter.com/xRKANGmp1A
— PerthshireAdvertiser (@The_PA) March 24, 2016
Absolutely horrible news coming out of Perth this morning. https://t.co/Sfwbs2ciwE
— Alan Richardson (@C_ARichardson) March 24, 2016
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