Greenwoods Menswear Ltd was established in 1860 and operates from 65 outlets in the UK and employing 318 staff.
In Lincolnshire, as well as having businesses at Skegness, Sleaford and Louth, it also has shops in Lincoln and Scunthorpe.
Last year the company reported a turn-over of around £20 milllion but has been struggling for some years.
It was affected badly by the downward turn in the British economy in 2008 and entered administration the following year but a subsidiary of Harvest Fancy Hong Kong bought 87 of the 92 stores across the UK from the administrators.
A notice outside the shop in Lumley Road, Skegness, states the Bradford-based company has appointed Adrian Berry and Clare Boardman, of Deloitte LLP, as joint administrators.
The business continues to trade as normal with a ‘half price or less’ sale and no redundancies have yet been announced.