The company has become the latest victim of the downturn in bricks and mortar retail in Australia, however store closures will be subject to an assessment by administrator Cor Cordis, appointed on Thursday.

Cor Cordis confirmed there were eight employees each at the Launceston and Hobart Ishka stores.

In a statement, Cor Cordis administrator Rachel Burdett said the company would go through the usual administration process.

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"We have commenced an urgent assessment of the financial position of the business, including discussions with the director and management team, assessing each store, liaising with creditors and looking at how the business operates," she said.

"From there we can determine the next steps."

Cor Cordis confirmed there were no store closures at this stage.

Ishka Launceston - at the corner of Kingsway and York Street - is regularly adorned with closing down signage, but this time it appears the writing is on the wall.

On its website, Ishka advertised its latest sale as a "total clearance".

Ishka started as a craft studio in Glen Iris in 1971 and expanded with new stores across Melbourne in the 1980s. The company expanded interstate in the 2000s.