Neil Bennett and Michael Healy at Leonard Curtis, will attempt to find a new owner for the retail chain in order to save the 235 jobs held across the 17 stores.
Alworths was set up by ex-Woolies exec Andy Latham in November 2009, exactly a year after the original chain collapsed.
Questions began to be asked about the future of the business last month when Latham resigned as director.
Administrators Leonard Curtis said that all shops remain open while a buyer is sought.
Partner Neil Bennett, said: “This is a business that operates in a very competitive market that has been badly affected by the recent downturn in consumer confidence experienced on the UK High Street.
"We are currently continuing to trade whilst we look for a suitable buyer in an effort to secure the business and safeguard job security for its current employees.”