Accountants with KPMG are this week expected to be appointed administrators, triggering speculation of store closures and job losses.
JJB Sports has 180 stores across the UK, employing 4000 staff. Administration is expected to see up to half the outlets being shut down as bids are made to find buyers for the most profitable branches.
There are 10 JJB stores in Glasgow and the West of Scotland with more than 200 staff. It's feared several of the least profitable outlets could be axed in the hope that JJB's rivals, such as Sports Direct and JD Sports, will snap up the crippled chain's most lucrative shops.
But details of store closures are as yet unknown.
Bosses at JJB have been trying for the last few weeks to find a buyer despite analysts warning that potential purchasers were likely to wait until the business went into administration in the hope of buying up parts of chain at a knockdown price.
Instead the stricken company today requested the suspension of its shares.
A company spokesman said today: "It is expected that the process to commence the appointment of administrators of the company and certain of its subsidiaries will begin today."
It was business as usual, however, at JJB stores. The ailing group has been hit hard by the squeeze on consumer spending and by the stellar performance of rivals Sports Direct and JD Sports.