Ideal World has entered administration and the majority of the company's 250 staff have been made redundant, it has been confirmed.
The shopping channel dropped off the air after 23 years earlier this week and all trading ceased as the company sent all staff home while it looked for a new investor.
Staff reported back to the broadcaster's Peterborough offices on Thursday for an update, but they were informed that no buyer had been found and administrators Kroll Advisory UK had been appointed to oversee "an orderly wind-down" of operations, including the redundancy of employees.
A statement from Kroll said: "Due to the Company's financial position, trading operations were suspended prior to the Administration.
"Trading will not recommence, and the majority of staff have been made redundant with immediate effect.
"It is the intention of the Joint Administrators to work with the remaining employees to complete an orderly wind-down of the business. Existing customer orders will be fulfilled where possible."
Kroll's managing director of restructuring Michael Lennon added: "Over the last few years, the Direct Response TV (DRTV) sector globally has suffered a decline in viewer and customer numbers as consumer spending habits changed.
"Whilst Ideal World TV had brought in a significant number of new brands and retail partners to the channel over the last year, overall trading was not strong enough for the business to continue in its present format.
"Our immediate priority is to provide support to all the employees impacted by the Administration."
Since last year the company had been owned by entrepreneur Hamish Morjaria.
Neil Wilkes
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