Earlier this week, CEO Ian Shepherd told senior staff that the retail group, which includes GAME and GameStation, has just two weeks to save itself, according to MCV.
There are still hopes that a buyer, such as US chain GameStop, will emerge to take over the chain.
Earlier today, GAME stores across the country initiated a 'fire sale', where certain stock was sold at low prices, a move which is assumed to keep the group afloat for a few more days.
Last week, it emerged that Mass Effect 3 and future EA titles would not be stocked at GAME.
> Everything must go: Is this the death of games retail?
The chain recently announced 35 store closures and that it is going to shut sister website gameplay.co.uk.
GAME recently received lender support to alleviate financial troubles following apparent concern by publisher EA.
The high street retailer's shares plummeted by 90% in 2011, despite £1 billion in annual turnover.
View images from the PlayStation Vita launch at GAME's Oxford Street below: