British heritage footwear and outerwear brand Hunter has officially gone into administration, the equivalent to bankruptcy in the UK.

Hunter Boots owes more than £115 million (or about $146 million) in debt to creditors, according to documents filed last week by AlixPartners, which is listed as the shoe company’s administrator. AlixPartners declined to comment.

The company faced “significant challenges” starting in 2019, such as waning demand and unseasonably warm weather. In 2020, the Covid-19 pandemic, supply chain disruptions, inflation and higher costs also took a toll on the business. In 2020, Hunter’s net sales fell 20 percent from 2019. And while sales picked up in 2021, supply chain issues persisted through 2022.

This month, Authentic Brands Group agreed to acquire Hunter’s intellectual property in a deal, the terms of which were not disclosed. According to a May report by SkyNews, Authentic’s deal could be valued at 100 million pounds ($124.8 million). Authentic also signed an agreement with Marc Fisher Footwear to be the core footwear partner for Hunter in the U.S., taking on the brand’s footwear design, wholesale and e-commerce operations in the territory. The Batra Group was tapped as the core licensee in the UK and continental Europe.

Hunter is best known for its iconic Wellington Boot it introduced in 1956. Hunter, which has been making footwear for 167 years, also makes weatherproof outerwear, bags and accessories to complement its footwear assortment.

Hunter supplies services to the royal court via two Royal Warrants of Appointment from the late Queen Elizabeth II and the late Duke of Edinburgh. It got 16.5 million pounds (or $21.2 million) in June 2020 from majority stakeholder Pall Mall Legacy, a fund backed by Goldman Sachs and Three Hills Capital Partners. The company needed the money to survive the COVID-19 pandemic when live events where it showcased products were shut down. Private equity firm Searchlight Capital Partners and Pentland Group, which owns a number of sports, outdoor and lifestyle brands, are some of Hunter’s other backers.

In an emailed response to a request for comment, Hunter Boots confirmed its administration status and said Authentic was working with Ink (Clothing) Limited (ICL) as its “licensing partner to formulate a strategy for the Hunter brand going forward.” Authentic confirmed that ICL was involved as a licensing partner.