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GAME Files For Administration

Started by Dogismo, Mar 21 2012 12:34 PM

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#1 Dogismo

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Posted 21 March 2012 - 12:34 PM

GAME Files For Administration

The biggest blow yet to the UK's biggest high-street retailer.

Following this morning's news that GAME's shares have been frozen on the London Stock Exchange, the firm has now announced its intention to go into administration.

Below is GAME's statement to shareholders:

"Further to this morning's announcement of the suspension of trading in shares of GAME Group plc, the board has concluded that its discussions with all stakeholders and other parties have not made sufficient progress in the time available to offer a realistic prospect for a solvent solution for the business. The board has therefore today filed a notice of intention to appoint an administrator."

What does this mean? It means that the company is in dire, dire straits, though the stores will stay open in the immediate term whilst administrators try to determine the future of the company - whether that's refinancing or, potentially, closure. Ultimately, an administrator's goal is to keep the company trading, but there's no knowing what form GAME could be in at the end of it.

We're currently investigating what implications for GAME and Gamestation staff. Hang in there, guys.

~IGN

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#2 Wolvy

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Posted 21 March 2012 - 01:45 PM

****

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#3 King003

Swag bitch

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Posted 21 March 2012 - 03:01 PM

do you Gus buy from there?

PMW is all I really need

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#4 iR3104D

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Posted 21 March 2012 - 03:04 PM

No i don't way to expensive

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#5 keyster

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Posted 21 March 2012 - 03:51 PM

wooooo cheap games this weekend then lol

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#6 Dogismo

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Posted 21 March 2012 - 05:17 PM

I hardly ever buy from there
Not that arsed tbh

I do like gamestation though
And if game goes down gamestation will too

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#7 Towelie

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Posted 22 March 2012 - 12:40 AM

Online stores are taking over

How long will they mourn me, bury me a mutha****in 'G' ***** don't wanna die then don't **** with me
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#8 Dogismo

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Posted 22 March 2012 - 07:04 AM

Don't want that to happen I like shopping for games

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#9 iR3104D

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Posted 29 March 2012 - 01:53 PM

Report: RBS to Rescue GAME
The deal could be struck before the end of the week.
March 29, 2012
by Daniel Krupa
The Royal Bank of Scotland is expected to make an offer for GAME, rescuing the retailer from administration.

According to MCV, sources close to the negotiations are confident that a deal will be struck. It could even made as soon as tomorrow - Friday, 30th March.

Since entering administration the chain has dramatically decreased its high-street presence, closing 277 stores and making 2,104 employees redundant.