British designer fashion brand Nicole Farhi has gone into administration, a form of bankruptcy in the U.K.. The brand, one of Britain’s best-known luxury clothing chains and a regular at London Fashion Week, has been hurt by “the decline in high street spend coupled with rising costs has led to increased financial pressures on the business,” said Peter Saville, a partner at Zolfo Cooper, which is providing restructuring services. Nicole Farhi will continue to stay in business while it explores all possible options for its future, including a sale of all or parts of the business.