The company called in the administrators, and restructuring has already shut 15 venues, as well as cutting several jobs at their head offices, giving 124 staff the heave-ho.
The fate of another 400 jobs is in the balance however, as the firm hope to continue as normal while the restructuring happens.
Rileys was founded in 1878, and made their name with pool and snooker joints, however now also offer darts and bingo as solutions to your leisure time too.
An administrator, who answers to the name of Rob Harding, said: "Following our appointment it has been necessary for us to implement certain cuts immediately. We are now working to stabilise the business whilst we consider our options for securing the best outcome for the company's creditors."
The remaining 44 branches will continue business as usual, although for how long, who knows.
Poor Rileys. Looks like they've got a tricky snooker to get out of for the second time in less than two years.