GAME Group has officially filed for administration, the firm has confirmed.
Following its decision to delist itself from the London stock exchange this morning, the company said in a new statement:
"Further to this morning's announcement of the suspension of trading in shares of GAME Group plc, 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," the company said.
"The board has therefore today filed a notice of intention to appoint an administrator. In the short term the Board's intention is that the business will continue to trade and discussions with lenders and third parties will continue under the protection of the interim moratorium."
The specialist retailer has been the subject of many doomsday reports over the past few weeks, and on Monday it was claimed the firm would collapse this week unless it was able to raise £180 million to pay its creditors.
In recent weeks GAME has lost the support of Nintendo, EA, Sega, Capcom, Tecmo Koei, Microsoft and Activision, meaning it hasn't been able to offer recent releases such as Mass Effect 3, Street Fighter X Tekken and FIFA Street.
An MCV report this morning suggested GAME Group could resurrect itself post-administration as a new company. The potential plan would likely see GAME ditch Gamestation and its international operations, excluding Spain, in a move that could safeguard a large proportion of the chain's UK workforce.
(CVG AU team: With GAME Australia operating independently from GAME UK, the company's future down under remains unclear. We've attempted to make contact with GAME's Australian office, and will bring you further news as soon as it becomes available.)