Major department store chain Harris Scarfe has gone into receivership.
The company currently boasts 66 locations across Victoria, Tasmania and South Australia and has approximately 1,800 staff.
Harris Scarfe retails bed linen, kitchenware, homewares, electrical appliances and apparel.
A representative for Deloitte Restructuring Services partners Vaughan Strawbridge said they want to save the jobs for as many employees as possible.
“Harris Scarfe is a longstanding retail institution,” Mr Strawbridge told The Daily Mail.
“We will be making every effort to secure a future for the business and intend to commence an immediate sale of business process.”
Meanwhile the SDA retail union will file a complaint with the Fair Work Commission because they failed to consult before making the announcement.
“This announcement has come without warning and employees are shocked and will be very concerned as they head into Christmas,” said the SDA national secretary, Gerard Dwyer.