game 01 -
game 01 -

The GAME Group has officially entered into administration, the firm has confirmed.

A statement reads: "Further to our announcements of 21 March, the Board of GAME has completed its discussions with lenders and third parties without resolution, and has therefore today appointed PWC LLP to act as administrators for the Group."

The firm adds: "This decision is taken after careful consideration and ceaseless interrogation of every possible alternative. The Board would like to thank the teams of GAME and Gamestation colleagues around the world for their exemplary dedication, passion and professionalism."

Mike Jervis, joint administrator and partner at PwC commented: "The group has faced serious cashflow and profit issues over the recent past. It also has suffered from high fixed costs, an ambitious international roll-out and fluctuating working capital requirements.

"Despite these challenges, we believe that there is room for a specialist game retailer in the territories in which it operates, including its biggest one, the UK. As a result we are hopeful that a going concern sale of the business is achievable."

Via MCV

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dudester's Avatar

dudester@ EverTheOptimist

Well it looks like the upper management of game bottled any type of difficult decision and left it all to the administrators to sort out.
Posted 15:34 on 26 March 2012
Wido's Avatar

Wido@ pblive

That's just wrong and whatever the current situation.
Posted 14:15 on 26 March 2012
EverTheOptimist's Avatar

EverTheOptimist

That's so disrespectful to the people that ran those stores. No plan and no forewarning to those who served the company. I know that once a business closes it closes, but surely there's a way of doing this that isn't completely void of decency...
Posted 14:01 on 26 March 2012
pblive's Avatar

pblive

News of some stores being called by head office in the last 20 minutes and told to get the customers out and close down.
Posted 13:33 on 26 March 2012
Chaza_snake's Avatar

Chaza_snake

game.co.uk has shut down temporally
Posted 13:25 on 26 March 2012
Clockpunk's Avatar

Clockpunk@ McFlange

McFlange - HMV and eBay are both very good routes to take - and will bring in a better trade-rate (the former by a couple of pounds, but still - better than nothing) than Game would ever offer.

Expected. Word has it half (c.300) stores are to be closed today. Managers receive *the* phonecall, and either carry on, or remove customers from premesis, lock the door, cash up, and leave. Incompetence right to the very end, a fitting end.
Posted 13:12 on 26 March 2012
McFlange's Avatar

McFlange

Sad news for the employees as I'm sure they entered that job with a heavy interest in what they do.
Also seems weird that this might bring an end to high street 'trade ins' I think that would really impact what I buy/could afford to buy.
Posted 12:56 on 26 March 2012
Chaza_snake's Avatar

Chaza_snake

this is sad news, lets hope a deal can still be done
Posted 12:44 on 26 March 2012
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