The Rochdale branch of Ethel Austin is to close within weeks after administrators failed to find a buyer for the troubled firm.

The branch, which is in the Exchange Shopping Centre, is one of 81 which will close permanently in less than four weeks time, with the loss of all staff jobs.

Nationally, the closures will result in almost 700 job losses, as well as 56 redundancies at Ethel Austin's head office in Knowsley.

The company went into administration last month, blaming the recession and poor sales throughout January.

Geoff Bouchier, joint administrator and partner of MCR, stated: "It is a difficult retail climate and until such time as any sale of the businesses can be completed, cost cutting measures need to be taken to allow the businesses to trade on in the short term.

"There are still opportunities for a purchaser of the businesses to come forward."

Ethel Austin is the latest in a series of high-profile closures to hit the town centre in recent weeks.

Last week, Birthdays in the Wheatsheaf Centre closed its doors as part of a reported post-administration wind down.

Staff were told that a massive 29 per cent increase in the shop's rateable value – which is calculated by the Valuation Office Agency – up from £59,500 in 2008 to £83,000 this year, despite the increasingly difficult trading conditions in the town centre, was also partly to blame.

Other recent closures include the loss of Diamonds and Pearls and Herbs and Acupuncture, both also in the Wheatsheaf.

Ethel Austin was the second Exchange Centre based store to face an uncertain future this year.

In January, denim retailers D2 also fell into administration, although a buyer was eventually found for the majority of the firm's stores, including the Rochdale branch, which is fifth best performing branch of the chain in the country.