Family-run McEwens of Perth, which opened almost 150 years ago, employed 97 people at two outlets in the city and also had premises in Oban, Argyll and Bute, and Ballater, Aberdeenshire.
Administrators KPMG said 64 of the 110 staff were made redundant on appointment, with 46 remaining to assist the process.
A total of 13 staff were employed across the Ballater and Oban stores, which have now closed. The Perth store will reopen on Friday for a closing-down sale.
Owners John and Georgina Bullough said: “It is with great sadness and regret that we have had to put McEwens of Perth into administration today.
“Despite our exhaustive search for investor and partner solutions, all negotiations with the bank have failed and unfortunately we have run out of options.”
The couple said their thoughts were with the staff who face redundancy, adding “we are grateful to them for their hard work and all our friends and colleagues for their advice and support”.
Joint administrator Blair Nimmo said: “Despite the directors’ best efforts, McEwens of Perth continued to incur trading losses as a result of the many challenges being felt by the retail sector.
Inevitably this has led to the unfortunate demise of a well-known and highly-regarded brand.
“We have started a closing-down sale in a bid to realise assets, and are grateful to the remaining staff for their efforts and assistance.
“We are working with those staff made redundant to ensure they receive the necessary support from relevant agencies.”
Finance Secretary John Swinney said the news was “worrying”.
He tweeted: “Very sorry to hear that {M0McEwensOfPerth has gone into administration. Worrying time for staff and I will do all I can to find a solution.”
McEwens first opened in Perth in 1868 and the original shop still stands on the same site.
After the Bulloughs’ bought the business in 1982, they expanded, opening a shop in Inverness in 2000 and expanding and relocating their Ballater store in 2007 – which was formally opened by the Prince of Wales and the Duchess of Rothesay.
The Inverness store later closed in a bid to “preserve the profitability of other branches”
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