Following a weekend during which it tried to make 11th hour deals to save the company and its brands, Technicolor Group CEO Caroline Parot sent a memo to employees Monday, writing “due to inability to find new investors for the full Group,

Technicolor Group, the French VFX giant that owns some of Hollywood’s most in-demand post-production houses, appears to be on the brink of collapse — putting thousands of jobs at risk. Variety reports that Technicolor has begun winding down operations after failing to secure a new round of investment necessary to keep the entire international outfit running.

The VFX company Technicolor may be going out of business as its division in the United Kingdom has just entered administration, rendering the majority of its 440 employees redundant. Nick Holloway and David Pike of the British advisory firm Interpath were named administrators of Technicolor Creative Studios UK Limited.