Computer games retailer GAME, which has branches in Spurriergate and Monks Cross in York, has declared its intention to appoint administrators.
Trading of shares in the company was suspended today, before the board announced its discussions with stakeholders had not made sufficient progress, and it filed a notice of intention to appoint an administrator.
York council leader James Alexander said GAME employed more than 20 people in York and said: "I’m obviously concerned about the impact the announcement may have on them."
He said the city council would working closely with GAME locally to provide support.
A statement from GAME Group PLC said: “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."
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