Update Wednesday 15 June: Since publishing this story, we've learned that Austin Reed stopped accepting gift vouchers at the end of May.

Austin Reed is no longer accepting any of its gift vouchers, and all of the retailer's 120 stores will close by the end of June.

In a grim week for the high street, 116-year-old fashion retailer Austin Reed is to wind down at the expense of 1,000 jobs – this coincides with the demise of UK shopping institution BHS, where 11,000 people are expected to lose their jobs after the company goes into liquidation.

Austin Reed's website is no longer accepting orders. We understand that orders already placed online will still be dispatched – we'll update this story when we know for sure.

The company went into administration in April and has since failed to find a buyer, although five concessions (as you'd see in department stores) have been bought by retailer Edinburgh Woollen Mill.

For full info on what happens when a firm goes into administration, see our Administration Help guide.

I've already bought something and I want a refund

Under the Consumer Rights Act you have 30 days to return a faulty item and receive a full refund. Austin Reed being in administration doesn't affect this right.

If you bought faulty goods in store, you can return them to any Austin Reed store. Goods purchased online should be returned by post.

If your goods aren't faulty, and you bought them between 4 and 26 May, you can exchange them for a replacement item or same-value alternative within 28 days of purchase. You'll only get a refund if no alternative product is available.

Anything bought on or between 27 and 31 May can only be exchanged, if returned within 14 days. No refunds will be given.

Anything bought after 31 May cannot be exchanged or refunded.

What if I paid on credit card?

If you paid for some or all of your purchase on a credit card – and it was worth over £100 – you should be able to get your money back under Section 75 of the Consumer Credit Act, if your items are faulty or don't arrive.

This means that regardless of the rights you have with Austin Reed, you have separate rights with your credit card company under the Consumer Credit Act. It's a legal protection that credit card companies have no choice but to offer.

However, there is a catch – the £100 minimum doesn't apply to the total bill, but to individual items. So if your bill comes to £300, but the cost of your individual items is less than £100, you won't be able to claim. See our Section 75 guide for more info.

If you paid with a Visa or Mastercard debit card for any amount, or Visa, Mastercard or Amex credit card for goods under £100, you could also try the 'chargeback' system. This is where your bank gets cash back from the company's payment processing bank.

This isn't a legal protection, though, unlike Section 75. Chargeback's designed so that if you pay for something, and that order isn't fulfilled or a mistake is made, your bank can do a chargeback from the bank that originally collected the payment. We've more info on this in our Chargeback guide.

What about the staff?

Sadly around 1,000 people will lose their jobs when the shops close.

If you work for Austin Reed and are concerned about your rights, check our Redundancy guide.

What do the administrators say?

A spokesperson for administrators Alix Partners said they didn't yet know the dates when individual stores would close, but told us they will not all be closing on a single day.