LONDON - British retailer Past Times said it had appointed administrators, as the seller of nostalgia-themed gifts joined fashion shop Peacocks in becoming the latest victims of difficult trading conditions on the high street.

Administrators KPMG said on Monday, Past Times, which trades from 51 remaining stores after the recent closure of 46 shops, would be wound down if a sale could not be concluded.

The group had been granted a stay-of-execution for last-minute talks with a potential rescuer, a source told Reuters on Tuesday.

Past Times had some 500 employees in its stores and a 31-strong central workforce, after laying off 507 workers in the shops that had already closed and 67 from its head office and warehouse, KPMG said.

(Reporting by Paul Sandle; editing by James Davey)