The GAME Group in the UK has officially filed for administration this morning, after electing to delist from the London stock exchange.
"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," said an official statement.
"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."
It all went pear-shaped for the company earlier this week, when reports suggested it would collapse within seven days unless it raised the $269 million required to stay operational.
It followed the store not being able to purchase new stock, including Mass Effect 3, and losing the support EA, Sega, Capcom, Nintendo, Microsoft and Activision.
GAME could still resurrect itself as a new company post-administration, but there is yet to be any indication that it is the intention.
By Ben Salter - Tweet @Ben_Salter