Grimsby currently lie 23rd in the table and have sacked manager Mike Newell. A statement on the club's official website read: "Despite the intention for continued support beyond the recent poor results and disappointing performances, the club has dismissed Mike Newell due to irretrievable breakdown."
The statement continued: "The directors believe they have done everything possible to back him during his period with the club but were left with not alternative but to terminate his contract with immediate effect.
"The club appreciates Mike Newell's efforts to take this football club forward and wish him all the best for the future.
"The club will now begin the task of selecting and appointing a new manager."
However the Mariners chairman John Fenty insists the decision to sack Newell was not based on recent results.
"It wasn't a results-based decision or one that was influenced by the disquiet of some sections of the support. It was a difficult decision to take - we feel we have backed Mike as a board and hadn't considered a change at all, contrary to belief," Fenty told the Grimsby Telegraph. "We had hoped to continue with the manager and avoid getting on the merry-go-round of looking for a new one but, unfortunately, that's where we are at.
"The relationship broke down and I won't add anything further to what we've said in the statement on the reasons behind the decision. Personally, I have enjoyed working with Mike but sometimes things come to an end and that's what has happened.
"The club is in a dire position but there is still time to turn it around and avoid the struggles we ended up in last season and now we move on."
Youth team manager Neil Woods will take care of the side in a caretaker capacity.