Unable to compete with the influx of multinational retailers and the rapid expansion of online shopping, specialty men’s retailer Roger David is closing down.

The 76-year-old menswear chain appointed administrators from KordaMentha Restructuring on Thursday, after failing to find any alternative to keep the business afloat, such as a sale.

The company’s directors said they were “heartbroken” about the decision, but were “incredibly proud” of what the business had achieved since opening in 1942.

At its peak, the company had more than 100 stores selling suits, other fashion and accessories under the Roger David and RDX brands.

Ultimately, however, the third-largest specialty menswear chain in Australia was unable to keep pace with challenging economic conditions and the changing retail landscape.

“Roger David, like many other fashion retailers, has been buffeted by global competition, stagnant sales and rising fixed costs”, KordaMentha’s Craig Shepard said.

Shepard advised that the retailer would begin a national closing down sale immediately to clear stock and raise as much money as possible for employees and other creditors. Gift cards will be honoured in full for one month to encourage support from customers for the closing down sale.

The timing of the closure of Roger David’s 57 stores had yet to be announced at the time of this writing. Until then, it will be “business as usual for the upcoming peak retail period”, according to the company’s directors.

The closure of Roger David will impact approximately 300 employees. The first meeting of creditors will be held on October 30, 2018.