The news that clothing retailer Ethel Austin - which has one of the prime shop fronts on Hough Lane - was in financial difficulty was announced late on Tuesday.

A source told the the Guardian: "Staff don't know at this moment whether there will be any redundancies or if the shop will even stay open or have to close. The only information employees have been given so far is that the company is looking for a suitable buyer and are confident one can be found."

Ethel Austin dates back to 1934 and has established itself as a leader in the value clothing retail sector. The latest turnover figures were around £150m. It employs 2,800 staff at around 300 stores countrywide.

The administrators are Philip Duffy and David Whitehouse, partners from Menzies Corporate Restructuring (MCR), and Mr Duffy said: "Our primary concern is to ensure that the business continues to trade in the coming weeks and that a suitable buyer is found. We remain confident that a buyer can be found.

"We appreciate this is a worrying time for staff and are therefore keen to keep them informed of progress."