Four years ago the company behind Yellow Pages was one of the countries hundred most valuable companies - buying other directories around the world and accumulating increasing debts along the way.
The parent company Yell changed its name to Hibu earlier this year.
This week, repeating a warning it first made back in September, the company told shareholders the shares might soon be worthless.
Alex DeGroote, media analyst at the stockbrokers Panmure Gordon, told Today presenter Simon Jack that this was a "sad fall from grace" for Yell - a company that was ranked in the FTSE 100 just four years ago.
"Debt is probably the biggest factor here but to some extent the internet has badly affected the demand for classified adverting."
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