The company - which holds two warrants to provide clothing to the Royal Family, and used to outfit Winston Churchill - filed a notice that it was looking to appoint administrators at the end of last week, but it now appears that the administration has been confirmed.
Business Insider has reached out to Austin Reed for confirmation of its administration.
If confirmed, around 1,000 jobs will be at risk, Sky reports.
Turnover at the firm, which is best known for its suits and formalwear, has fallen every year since 2011, and in the company's latest full year accounts, to January 2015, turnover fell by 7.8%.
Austin Reed becomes the second high street store in just two days to file. On Monday, high street stalwart British Homes Stores went into administration following weeks of speculation that the company was on the edge.
Administrators Duff & Phelps were called in to BHS after rescue talks with Sports Direct and other retailers failed on Sunday night.
BHS no longer has enough money to pay its outstanding bills. Duff & Phelps will try to sell BHS "as a going concern" - in other words, a functioning business - but that will prove a difficult task given that talks have failed up to this point.
Duff & Phelps may well be forced to cut jobs and in the worst case scenario could be forced to liquidate the business, resulting all 11,000 of BHS' employees losing their jobs.