Bairds of Hamilton accumulated debts of tens of thousands of pounds. There wasn't even enough money to pay the workforce of 35 while customers with gift vouchers have also lost out.
Every staff member has been made redundant after the directors placed the stricken business into voluntary liquidation and appointed insolvency experts at accountancy firm French Duncan.
The department store in the centre of Hamilton is a famous landmark since the business began trading in the 40s. It's served generations of customers.
Liquidator Linda Barr said: "Given Bairds' status as a Hamilton retail institution, it is particularly regrettable that its liquidation has resulted in this loss of jobs.
"It seems likely that the very challenging trading conditions that many retailers have experienced over recent months, together with substantial trading overheads, have played a significant contribution in Bairds' liquidation."
Bairds sold a range of goods from shoes to silverware, handbags to fashionwear and from millinery to linen. It also had a household department with a cookshop.
It's thought unlikely a buyer will be tempted to take on the loss making store.
Miss Barr told the Evening Times: "If we were approached we would certainly look at any possible deal - that would be a knight in shining armour."
Customers given gift vouchers were also warned today that they "won't get their money back." They will be treated as another creditor and could eventually be paid a cash dividend - but the dividend will be no where near the original value of the voucher.