Things aren't looking any better for BlackBerry right now, with its hopes of finding a buyer being somewhat dashed.

It's been sniffing around for over two months now in the hope of finding someone to snag the company, with investment firm FairFax Financial proposing a takeover deal.

But today BlackBerry announced that the full takeover will not take place, and that instead it had received a $1 Billion investment from Fairfax and "Other Institutional Investors".

Added to this is the news that Chief executive officer Thorsten Heins will be stepping down as Chief Executive Officer and John S Chen will become Interim CEO.

Dark times

Heins took the top spot last year but he's certainly had a rough ride, with the recent BlackBerry lineup not taking off as hoped.

Today is also bad news for anyone hoping that Lenovo or another big name would step in and offer a hand of rescue to the company.

But John S Chen has a good track record, having turned around the fortunes of enterprise services firm Sybase. Let's hope he can work some magic here too.

There's no word on whether Alicia Key's role as creative director will remain.

Find out if BlackBerry 10 wins our vote.