The chain appointed FRP Advisory as administrators on Friday afternoon to look for a new buyer.
There will be no redundancies at this stage and the 318 shops will remain open while a buyer is sought for the chain, FRP has said.
Bonmarche has become the latest victim of the high street downturn after a “sustained period of challenging trading conditions”.
The womenswear retailer employs 2,887 staff, including 200 at its head office in Yorkshire.
Tony Wright, Joint Administrator and Partner at FRP Advisory said in a statement: ”Bonmarche has been a staple on the UK high street for nearly three decades, but the persistent challenges facing retail have taken their toll and led to the administration.
“There is every sign that we can continue trading while we market Bonmarche for sale and believe that there will be interest to take on the business.”
It is the second time Bonmarche has fallen into administration. In 2012, the brand was previously bought in a rescue deal by private equity firm Sun European Partners.
In June, the company recommended that shareholders accept the 11.4p-a-share offer tabled in April, after a “poor” first quarter has cast doubt over its full-year profit out-turn and the group’s financial stability.
Bonmarche warned that its auditor had said it was likely to include a reference to the “uncertainty with regard to going concern” due to the trading troubles.
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Edinburgh Woollen Mill owner Philip Day made an offer, which valued the company at just £5.7 million.
A large number of shareholders then sold their stakes to Mr Day giving him 95 per cent ownership of the company.
A series of retailers have been forced to seek a rescue deal as they struggle with higher costs and the shift online.
House of Fraser and Debenhams have been forced to seek rescue deals while John Lewis and Marks & Spencer have had to cut costs.