Posted on March 21, 2012 AT 06:20am
An official statement from the company reads:
“Further to the announcements of 12 March 2012 and 14 March 2012, the board of GAME has assessed the status of the ongoing and regular discussions between GAME and its lending banks and between its lending banks and a potential third party provider of finance to the business.”
“The Board now considers itself to be unable to assess the business’s financial position, and is of the opinion that there is no equity value left in the Group. Therefore the Company has requested that the listing of its securities on the Main Market of London Stock Exchange plc be suspended from trading with effect from 7:30am today.”
“The Company will provide a further update in due course.”
Earlier this week it was reported that GAME would require £180 million by the end of the week in order to prevent going into administration.
EGM’s TAKE: Every day seems to bring more bad news for GAME. There’s no way they can get £180 million together by Friday, so expect to see many U.K. high streets missing a video game store come Saturday. Delisting from the stock exchange is basically a death knell as it means there is simply no more value left in the company. Hopefully someone will either save or replace them.
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