After failing to secure 11th hour deals for new investors, Technicolor has started to shut down operations in the U.S. and globally.

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.

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.