British retailer Game has announced plans to go into administration, shortly after de-listing from the London Stock Exchange. With the announcement, the chain, which has 1,270 stores under the Game and Gamestation brands in Europe and Australia, plans to operate as normal, while trying to find a buyer. Rumours have circulated that American retailer GameStop might take over the UK’s largest specialist game retailer, but, with shares haven fallen 71% in the past year and games such as Mass Effect 3 not being in stock due to credit problems, consumers may soon have to look elsewhere for their games. Read the full press release below.
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.
In the short term the Board’s intention is that the business will continue to trade and discussions with lenders and third parties will continue under the protection of the interim moratorium.