According to Reuters, the chain stopped trading as of yesterday.
Its shares closed at 10.25p – less than four per cent of the value of their all time high of 264.25p in April 2002. The company floated in October 2001.
"The directors have decided that it is in the best interests of the creditors to seek to appoint administrators as soon as possible," the firm said in a statement.
The directors had hoped the business could be sold or re-financed but recent attempts had failed, added the statement.
The Guardian reports that the company is saddled with £13m debts – and that creditors including Lloyds TSB have been ‘getting impatient’. The newspaper predicts that the move ‘threatens 1,800 jobs’.