Sports bar chain Rileys has been placed into administration for the second time in less than two years with 15 of the firm's sites closing down.
The move has resulted in 104 job losses at those bars and a further 20 at its head office in Milton Keynes following the appointment of Rob Harding and Ian Wormleighton, from Deloitte, as joint administrators.
The company operates bars in Birmingham, Coventry, Solihull, Wolverhampton and Worcester but none of these will close down as a result of today's announcement.
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Rileys Sports Bars Ltd operates multi-leisure sports venues, specialising in snooker and pool as well as offering darts, bingo and screen sports.
The company can trace its roots back to 1878 when it was founded by Manchester entrepreneur Edward John Riley.
Deloitte said administrators would continue to trade Rileys while they investigated options to secure the best outcome for all of the company's creditors.
Mr Harding added: "Following our appointment, it has been necessary for us to implement certain cuts immediately.
"We are now working to stabilise the business following our appointment whilst we consider our options for securing the best outcome for the company's creditors.
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"The remaining sites continue to trade as normal and we appreciate the co-operation and support of the company's employees, landlords, customers and other key stakeholders."
Prior to today, Rileys operated 59 venues across the country, employing 522 staff.
It also went into administration in November 2012 but was bought out by private investors, saving 625 jobs and 78 clubs however 25 clubs were forced to close, resulting in 146 redundancies.
The 15 closed sites are: Belle Vue (Manchester), Cardiff, Coatbridge, Derby, Edinburgh, Exeter, Guildford, Hull, Luton, Peterborough Orton, Peterborough QClub, Plymouth, Rugby, Scunthorpe and Wigan.