British jewellers Links of London has fallen into administration.
The retailer has said any pending online orders will not be fulfilled and it is no longer accepting gift cards.
The collapse is affecting a total of around 350 jobs, The Mirror reports.
It has left thousands of customers in limbo as outstanding orders are cancelled.
The store will continue to trade in the interim while the chain finds a buyer - but the website has been 'temporarily suspended'.
Links of London has 28 stores in the UK and also trades out of seven concessions.
Sports Direct owner, Mike Ashley, and Hilco Capital, the owner of Homebase, had both reportedly put in bids to save the chain.
The brand, owned by Greek company Folli Follie, was founded in 1990 and sells luxury jewellery, watches, cufflinks and gifts.