Popular retailer will close all stores next month, including its Freeport outlet

Austin Reed's 120 stores will close by the end of June, costing 1,000 jobs.

The administrators, AlixPartners, said it would implement a managed wind-down process because no viable offers had been received.

The company went into administration last month, after challenging retail market and cash flow difficulties.

Peter Savile, joint administrator, said: "Despite a significant number of interested parties coming forward during this period, it became clear as the process progressed that a viable solution which kept the business whole was not forthcoming.

"As a result we have made the difficult decision to cease trading the business and commence a wind-down of the estate."

The firm was founded in 1900 as a tailor and counted Winston Churchill as a customer.