Fresh Off The Block


Mar
21
2012

GAME Group plc Files For Administration

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

This article was based off a similar article posted at Sanitarium.FM – Gamer radio for real Gamers and Tech Heads! Attribution has been given to the original article.

Following this morning’s news that their shares have been frozen on the London Stock Exchange, Game Group plc – owners of the Game and GameStation franchises that make up the majority of video game stores across the UK – has now announced its intention to go into administration.

Below is GAME Group’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.

More news as we get it.

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