New York-based production and distribution house The Shooting Gallery will likely file for bankruptcy relief, according to a brief statement from its owner, Canadian internet incubator itemus inc.

Toronto-based itemus announced that efforts to raise extra capital have been unsuccessful to date and that unless it can sell of some of its own assets and operating divisions, it too will be unable to meet its financial obligations. The company is liable for up to $10m of Shooting Gallery debts.