The company CBCH trading as Colette by Colette Hayman was placed in voluntary administration on Friday, announced on Tuesday.

Administrators attribute the collapse to a weak retail environment affecting many stores.

Read more: Recent blows to retail far from fatal, experts say

The company operates 140 stores across Australia and New Zealand. It sells bags, jewelry and accessories.

The business employs more than 300 permanent staff, plus casuals.

The city's Colette by Colette Hayman store is located in the Bendigo Marketplace.

Voluntary administrator Vaughan Strawbridge said the company had been unfortunately affected by the current weak retail environment.

Read more: Fashion retailer Jeanswest put into voluntary administration

Mr Strawbridge said employees would continue to be paid by the administrators as trading continued. He said there were sufficient assets to meet all employee entitlements.

"Our focus is on continuing to trade the business while we seek either a recapitalisation of the group or a sale of the business," Mr Strawbridge said.

"Given the strength of the brand we are confident we will be able to secure a future for the business and preserve the employment of as many people as possible."

The administrators will continue to honour gift cards.

The collapse follows the closure of Bendigo's Harris Scarfe, after the store entered administration.

Chain Jeanswest has also entered administration.

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