THE BUZZ: GAME is close to collapse after lenders rejected a rescue deal proposed by OpCapita.
The Guardian reports that OpCapita offered to buy the U.K retailers debt from lenders and settle all accounts with suppliers, who are currently owed around £40 million.
The Sunday Times also reported that GAME will enter administration if it can’t secure £180 million to pay back creditors this week.
The retailer is said to have a £21m rent payment due, more than £10m to pay in differed VAT and a £12m wage bill due shortly.
EGM’s TAKE: The bills keep piling up and there’s no money to pay them off. The downward spiral continues and with OpCapita’s bid being rejected it appears that the end is near for GAME. In this climate there is absolutely no way they can make £180 million by the end of the week, unless some very generous investor swoops in to save them. Looks like the end of the road.
