Work to build a Tesco store and shops in Denbigh was due to start this year but Leicester-based Cathco is now in the hands of administrator Begbies Traynor.
Planning permission for the site was granted over two years ago but it has lain empty ever since.
Plans involved building a 50,000 sq metre supermarket alongside 19 retail units creating 2-300 construction jobs in the area.
Cathco’s property director Nigel Dick confirmed to the Daily Post that the firm was in administration.
A spokesperson for London-based Begbies Traynor added: “Begbies Traynor, the corporate rescue and recovery business, can confirm Mark Fry and Nigel Nutting were appointed Joint Administrators of Cathco Property Holdings Limited on September 16.
“They are currently assessing the company’s affairs and will be able to comment further in due course.”
A spokeswoman for Tesco said the retail giant would look again at proposals but plans to still move to the town, adding: “We have ambitions to open to store in Denbigh and in light of the latest developments, we will be considering the options available.”