IDEAL World TV's founder has revealed he is 'heartbroken' as he paid tribute to 'innocent victims' hit by mass redundancies in an emotional statement.
It was revealed yesterday that the channel, which usually broadcasts live from its base in Peterborough, had suspended its output.
The company employs 250 people but a post on its website and Facebook page read: "We regret to inform you that Ideal World have had to temporarily suspend broadcasting and our website.
"We're sorry for any inconvenience caused; we hope to be back online as soon as possible."
Now Ideal World's founder has shared his heartbreak over the situation.
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Paul Wright set up Ideal World Shopping in 2000 with his business partner Val Kaye, before selling it in 2011.
Despite no longer being part of the company, Paul revealed he is still devastated over the current situation.
He told the Peterborough Telegraph: "That the company is in potential difficulty breaks my heart.
"My heart and soul went into that company building it from nothing in 2000 to the tragic fire in 2001 and recovering from that.
"It is breaking my heart that it has now come to the fact that something I built and still love is in this situation."
He continued: "If circumstances were different and I was a bit younger. I’d probably go round for the fourth time but this time is one too many.
“I feel upset for the potential harm it will do to creditors but more importantly the people who work there – they are innocent.
"They just become victims and that breaks my heart.”
The channel, which calls itself "the home of big brands", had numerous celebrities appear on it over the years.
These included This Morning regular Vanessa Feltz, former Made In Chelsea star Binky Felstead and Blue Peter legend Anthea Turner.
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When on air, it delivered more than 18 hours of live TV a day, showcasing products from a range of categories for customers to purchase.
Goods sold on Ideal World TV include items from the gardening, home, technology and beauty sectors.
Ideal World TV has held a late night slot on ITV for months, but reportedly "crashed off" the network on Monday night.
It also disappeared off Virgin Media last month.
The company is one of Peterborough's leading employers, but the latest move comes a year after the company was broken up and sold to entrepreneur Hamish Morjaria.
However, documents filed at Companies House reveal that Mr Morjaria ceased to have "significant control" in February this year.
Sportsdirect.com Retail Ltd then took charge of the company at the beginning of June.
The Peterborough Telegraph reports Ideal World was put up for sale, with any expressions of interest to be submitted by the end of last week.