David Lawrence and Marcs have been placed in voluntary administration.
The brands' 52 retail stores, 11 outlets and 140 concessions will continue to trade as administrators Rodgers Reidy hunt for a buyer.
Over 1130 staff are employed by Marcs and David Lawrence in Australia, with a further 42 staff in New Zealand across ten stores.
Director Malcom Webster, owner of M Webster Holdings, cited poor sales, cash floor and market conditions for the downfall.
Administrators have been advised employee wages are been paid up until 30 January, 2017.
Superannuation has been paid up until 31 December, 2016 .
All existing gift cards and returns will be handled in accordance with the companies’ existing policies .
All staff will be advised of their roles within the business by their direct line managers .
Rodgers Reidy director Geoffrey Reidy said investigations are ongoing.
"We intend to review the operations of the businesses and continue to trade while we market the businesses for sale."
The Administrators will issue a further announcement as to the date and time of the first meeting of creditors.Â