Sheffield-based independent Brother 2 Brother has gone into administration after more than 18 years of trading.
The award-winning business, owned by brothers Andrew and Gavin Clark, was renowned in the menswear sector for introducing new brands into the market and was at the forefront of northern style.
But co-owner Andrew Clark told Drapers that he had had enough of the poor state of the independent market and that the change in culture, along with financial issues, had resulted in the business going under.
"I just got fed up and put the business into administration. Three years ago we moved premises, but had to open the store a year later than planned. We had bought stock to essentially fill what was an empty store and that put us into debt.
"We managed to work £300,000 worth of debt down to £30,000 and thought now would be the best time to liquidate. We tried to limit damage to our suppliers - we are very grateful to them for their support over the years."
The store closed two weeks ago. However, the brothers will continue to run their G-Star franchise shops in Nottingham and Sheffield and are looking to open more.
Clark slammed agents and brands for the change in independent culture. "I am just fed up with the industry. Everyone is out for the fast buck, not longevity or building up a brand," he said. "Agents have become unscrupulous - one minute you bring a brand into the UK and the next everyone is stocking it off the back of you."
He added that shoppers today were not calling for diverse trends.
"Everyone has the same skinny ties in the window. The market is now about following, whereas before it used to be about trend-setting," he said.
Michael Hayes, owner of Sheffield based independent Sakis, a neighbour of Brother 2 Brother, said: "The shop has been going for years and it's a shame it had to close. It was known internationally and was great for Sheffield's fashion market."
Meanwhile, Eton, another Sheffield-based indie, has closed its second store and is to open an O2 mobile phone franchise. The Eton store in Rotherham is still trading.