"Woolies", the store once loved by families, announced it was putting its retail division into administration last night, after discussions to find a potential new buyer for the business broke down.

The famous retailer has been trading for nearly a century, but the future of its 840 stores and 30,000 staff around the country are now shrouded in uncertainty.

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The Woolworths branch in Bridge Street, Peterborough, was open for business this morning, along with stores in Stamford, Spalding and other nearby towns, but the dozens of workers affected by the decision were told not to speak to the media.

Peterborough's assistant manager, who did not wish to be named, said her employees were "very upset", but said the store would continue trading, at least for today.

Meanwhile, early morning shoppers gave a mixed reaction to the news, with some saddened at the demise of a traditional high street business, and others less concerned about its potential loss.

Woolworths directors met at 6pm yesterday to formally hand control of the retail business to the administrators.

Earlier this week, it had been hoped the business – which reported debts of nearly £300 million at the beginning of August – would be sold to restructuring specialist Hilco for a nominal fee of £1.

But the company announced last night that the talks had come to nothing.

Administrator Deloitte has assumed control of the business, and it is believed Woolworths stores could continue to trade in the coming weeks and months, although staff salaries have only been guaranteed until tomorrow.

National officer of the shopworkers' union Usdaw John Gorle said the news was "devastating" for staff.

He said: "We will be seeking urgent talks with the administrators to ensure that our members' future is at the top of their agenda, and to understand the proposals for the business in the short to medium term.

"Obviously, the ongoing uncertainty surrounding the future of the stores will be of great concern to employees, so we will do everything we can to help communicate the situation to staff as the situation unfolds."