Ailing high street retailer Game is on the brink of appointing an administrator and has suspended the trading of its shares on the London Stock Exchange.
In a statement released earlier today, the computer game retailer announced its intention to appoint an administrator after failing to find a "solvent solution" to its financial woes.
"The board has concluded that its discussions with all stakeholders and other parties have not made sufficient progress in the time available to offer a realistic prospect for a solvent solution for the business," said the statement.
"The board has therefore filed a notice of intention to appoint an administrator."
The statement concludes that the company will continue to trade.
The announcement came hours after the company confirmed that the trading of its shares on the London Stock Exchange had been suspended.
"The Board now considers itself to be unable to assess the business's financial position, and is of the opinion that there is no equity value left in the Group," said the company in a further statement.
"Therefore, the company has requested that the list of its securities on the Main Market of [the] London Stock Exchange be suspended with effect from 7.30am today."
These announcements follow a troubling couple of weeks for Game after relations between the firm and its suppliers soured. This resulted in it being denied stock from publishers Electronics Arts, Capcom and Nintendo.
Last month, Game said it expected losses for its financial year to 31 January to hit £18m.
The company employs about 10,000 people and operates 1,270 stores.
Today's news has prompted an outpouring of support for the brand on social networking site Twitter.
Miles Jacobson, studio director at video game publisher Sports Interactive, tweeted: "Really bad news about Game. Bad for staff. Bad for creditors. Bad for the industry."
In a follow-up tweet, he added: "Many don't seem to realise how deep the Game thing goes. It won't just be people there who lose jobs, but jobs at publishers and developers at risk too."
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